Sony revises down fiscal-year earnings forcast

Sony Corp revised down its earnings forecast for the current fiscal year Monday, citing a one-time cost related to the sale of its battery arm.

For the fiscal year ending in March, Sony said it would earn a net profit of 60 billion yen ($572.5 million), down from a Y80 billion profit the company forecast in July. It also lowered its operating profit guidance, to Y270 billion from Y300 billion.

The revision stemmed from the company’s decision to sell its battery unit to Murata Manufacturing Co. for Y17.5 billion in a deal the two companies expect to close by April of next year. Sony said it would book a one-time loss of Y37.5 billion for the current fiscal year.

Sony is set to report its fiscal second-quarter earnings Tuesday. Its share price ended up 1.8% on Monday.

Source: Market Watch

Comments
Loading...