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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Sony posts smaller than expected Q1 loss AFP - Thursday, July 30 TOKYO (AFP) - - Japan's Sony Corp. announced Thursday a smaller-than-expected first quarter loss, helped by cost cuts, but maintained its forecast for a second straight year in the red due to slumping sales. ADVERTISEMENT Like other Japanese high-tech giants, Sony has been badly hurt by the global economic downturn, which has depressed demand for televisions and other electronic gadgets and pushed up the value of the yen. Sony posted a net loss of 37.1 billion yen (390 million dollars) for the April-June quarter, reversing a year-earlier profit of 35.0 billion yen but beating market expectations for a loss of about 110 billion yen. "The yen was weaker than originally expected and Japanese share prices rose," helping the financial services arm, said chief financial officer Nobuyuki Oneda, explaining the reason for the better-than-expected performance. "Restructuring costs were slightly lower than planned. Television (sales) were also better than expected," he told reporters. Sony logged an operating loss of 25.7 billion yen, against a year-earlier profit of 73.4 billion yen, as revenue slid 19.2 percent to 1.60 trillion yen, hit by depressed demand and a strong yen. The maker of Bravia televisions, PlayStation game consoles and Cyber-shot cameras maintained its forecast for its first back-to-back annual losses since it was listed on the stock market in 1958. Sony, which announced in May its first annual loss in 14 years, expects to end the current business year with a net loss of 120 billion yen and an operating loss of 110 billion yen. "Our business environment remains uncertain," said Oneda. He said the company was striving to break even this year but it would be "too optimistic" to upgrade its forecasts at this point. "For the first quarter, the prices of television and others fell by less than we originally thought, but price competition is expected to intensify from now on," Oneda said. Industry analysts said Japan's high-tech titans appeared to be slowly clawing out of their slump, but conditions remain severe. "The worst phase for the electronics industry appears to have ended in the January-March quarter," said Hiroshi Sakai, an analyst at SMBC Friend Securities. But a full recovery may be delayed until next year, he said. "Demand has since been recovering but the recovery pace is very slow. Price competition is expected to intensify further as deflationary pressure is likely to increase in the aftermath of the recession." Sony chief executive Howard Stringer is slashing 16,000 jobs and axing about 10 percent of the group's manufacturing plants in a bid to return to profit. The company has had a difficult few years in the face of tough competition from rival products such as Apple's iPod and Nintendo's Wii. Stringer, a Welsh-born American who became the first foreign chief at one of Japan's most famous companies in 2005, wants to meld its strengths in televisions and other gadgets with its games and movies. Sony also announced that it had entered into a joint venture agreement with fellow high-tech giant Sharp Corp. to produce and sell large liquid crystal display panels and modules. Sony will invest 10 billion yen for a 34-percent stake in the venture, with Sharp taking majority ownership. Sony is not the only Japanese electronics giant suffering. NEC Corp. said Thursday it logged a net loss of 33.8 billion yen in the fiscal first quarter, as the global economic downturn crimped demand for its goods. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business China to cut fuel price by 3%: govtAFP - Wednesday, July 29 Canon's profits plunge in first-halfAFP - Wednesday, July 29 Putnam cuts fund fees, restructures pricingAP - Wednesday, July 29 IBM to acquire SPSS for $1.2BAP - Wednesday, July 29 China to ban violent online gamesAP - Wednesday, July 29 Enlarge Photo Sony posts smaller than expected Q1 loss Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Doctor gave Jackson drug that killed him: CNN Police raid Vegas home of Jackson doctor Sunbeds elevated to top cancer risk level: WHO Lost love letter reunites couple after 16 years Ex-boxing champ Forrest shot in back and killed View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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