Sony Offers Tough Net Profit Outlook after FY '18 Growth
Tokyo, April 26 (Jiji Press)--Sony Corp. <6758> on Friday announced a tough group net profit projection for fiscal 2019 after robust growth in the previous year.
For fiscal 2018, which ended last month, Sony reported a net profit of 916,271 million yen, up 86.7 pct from the previous year, thanks partly to the sale of shares in a U.S. online music service provider.
But the company is braced for the first earnings decline in three years in the current year. Net profit is seen diving 45.4 pct to 500 billion yen.
Meanwhile, four other major electronics makers posted lower consolidated net profits for fiscal 2018 after enjoying expansion thanks to Chinese economic growth, according to their earnings reports released also on Friday.
Sony's dismal projection is attributed to heavy development costs for a next-generation game console.
[Copyright The Jiji Press, Ltd.]