Sony warns over falling sales, clings to profitSony on Friday cut its sales forecast for the current fiscal year, citing the impact of a surging yen and slower smartphone sales, as net profit also took a hit. Revenue in the year to March 2017 will be down 5.1 percent from its previous forecast to 7.4 trillion yen ($71 billion), Sony said, but it kept its projection of an 80 billion yen net profit unchanged. Sony’s net profit in the April-June quarter was down about 74 percent from a year ago, partly owing to a one-time gain a year earlier. In April, Sony posted a $1.4 billion fiscal-year profit, boosted by strong sales of its PlayStation console which has been at the forefront of a bid to turn around the company’s flagging fortunes. Sony previously warned that a pair of deadly quakes in Japan in April would dent its financial results.

Source: Manila Bulletin July 29, 2016 08:26 UTC