Sony Reports Drop in 2Q Profits Jul 25, 2003

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Japanese electronics and entertainment giant Sony Corp. reported a 98-percent decline in profit for the April-June quarter as sales faltered in key businesses such as electronics, video games, movies, and music.

Sony said it earned 1.1 billion yen (U.S. $9 million) in the first quarter of its fiscal year, down from 57.2 billion yen for the same period last year. Sales for the Tokyo-based company fell 6.9 percent to 1.6 trillion yen ($13.5 billion) from 1.7 trillion yen.

Sony set off a plunge in Tokyo share prices in April after it reported a loss in the final quarter of fiscal 2002, setting off worries about the state of Japanese industry, which has been struggling to cut costs and switch strategies amid competition from Asian rivals.

Sony has pledged to turn itself around by investing in computer chip production and other research to offer broadband network gadgets and cutting-edge products that rivals can't easily imitate at lower prices. (Reuters)

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