Saturday 1 October 2016

Sony sees near-flat growth in annual profit as quake damage weighs

Published 24/05/2016 | 08:18

People attend the PlayStation 4 launch event in New York, February 20, 2013. REUTERS/Brendan McDermid
People attend the PlayStation 4 launch event in New York, February 20, 2013. REUTERS/Brendan McDermid

Japan's Sony said on Tuesday it expects operating profit to rise just 2pc in the year through March 2017, weighed down by damage from deadly earthquakes that halted production at its image sensor plant in Kumamoto.

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The company forecast profit of 300bn yen ($2.75bn) from 294.2bn yen a year prior. The outlook was far below the 409.1bn yen average of 27 analyst estimates compiled by Thomson Reuters.

Sony had delayed announcing its earnings forecasts from late April as initially scheduled to assess the impact of the earthquakes that struck last month.

Reuters

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