Sony operating profit plunges
Japan's Sony Corp. said Wednesday its operating profit plunged 90 percent in the second quarter of the financial year, hit by a surging yen, a weak global economy and intense price competition.
Operating profit dropped to 11.0 billion yen (113 million dollars) in the three months through September, down from 111.6 billion in the same period of the previous year, a company statement said.
The electronics and video-game giant, which last week slashed its full-year forecasts, was pessimistic about the upcoming holiday shopping season.
"The expectations being factored in are that Christmas sales will be considerably negative," Sony's chief financial officer, Nobuyuki Oneda, told a news conference.
"But we cannot predict what sales will be like after Christmas."
In the second quarter, net profit plunged 72 percent to 20.8 billion yen as revenue dropped 0.5 percent to 2.07 trillion yen.
The figures were in line with preliminary results given by the group last week in its forecast revision.
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