News
Sony slashes profit forecast
Matt Grainger Oct 24 2008, 12:09pm
Predictions cut by 57 per cent as strong Yen damages export margins
Sony has been forced to severely curtail its profit forecasts for the next quarter as the combined effect of a weak Euro and a strong Yen has seen Japanese export profits plummet.
Sony now predicts a net income of Y150 billion (£1.05 million), down from previous forecasts of Y240 billion (£1.67 million), reports the FT.
The weak Euro and a ten per cent drop in exports to the US have served to spark fears about the wider Japanese economy.
“The magnitude of the current difficulties is unprecedented,” commented Sony’s finance director, Nobuyuki Oneda.
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