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Sony posts quarterly loss, cuts outlook as TVs slip back into red

Reuters | Last Updated: Thursday, October 31, 2013 - 12:23

Tokyo: Sony Corp cut its full-year profit targets and posted a net loss for the September quarter as its struggling TV operation fell back into the red, highlighting the difficulties it faces restoring its electronic hardware operation to profit.

Sony posted a net loss of 19.3 billion yen for its second quarter. Its TV operation flipped from a 5.2 billion yen operating profit in the first quarter to a 9.3 billion yen loss.

Its operating profit forecast for the year to next March was cut to 170 billion yen from 230 billion yen.

Sony also cut its full-year goal for TV sales, but Chief Financial Officer Masaru Kato said the company was sticking to its target of a full-year profit for its electronics division.

Japan`s consumer electronics makers including Panasonic Corp and Toshiba Corp have been hobbled by losses from their TV operations, hit by stiff competition from Asian rivals.

First Published: Thursday, October 31, 2013 - 12:09
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