Sony Consumer Products Reports 2Q Loss of $449 Million
Nov 3, 2011
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Sony Corp. (Tokyo) reported a big loss in the second quarter of its current fiscal year and revised its expected full-year income downward.
Sony reported second-quarter sales and operating revenue of $20,454 million, or ¥1,575.0 billion yen, a decrease of 9.1% in yen from the second quarter of its previous fiscal year. Operating losses for the second quarter were $21 million, or ¥1.6 billion, compared to an operating income of ¥68.7 billion in 2Q 2010.
Sony's Consumer Products & Services business reported 2Q 2011 sales and operating revenue of $10,126 million, or ¥779,708 million, which is down 12.3% in yen from 2Q 2010. The business reported a 2Q 2011 loss of $449 million, or ¥34,557 million, compared to a 2Q 2010 profit of ¥953 million.
For the first six months of the fiscal year Sony's Consumer Products & Services business reported sales and operating revenue of $19,102 million, or ¥1,470,864 million, which is down 15.2% in yen from the first half of 2010. The business reported a first half 2011 loss of $427 million, or ¥32,867 million, compared to a first half 2010 profit of ¥29,496 million.
Sony blamed consolidated year-on-year sales declines on unfavorable foreign exchange rates and lower LCD TV sales. Losses were blamed on lower sales, costs of the anticipated sale of its display business, and LCD TV losses.
Forecasted consolidated sales and income for the fiscal year were both revised downward. Sony's original July sales forecast for the 2012 fiscal year was for total-year sales of ¥7200 billion, slightly over 2011 actual sales of ¥7181 billion. Now, Sony revised its sales forecast for the full year ending March 3, 2012, ¥6500 billion, which would put Sony down 9.5% from full-year 2011.
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