Sony operating profits plunge 90pc

29 Oct 2008

Electronics giant Sony saw its operating profits fall 90pc and overall profits fall 72pc on account of a stronger Yen and the ongoing global downturn.

The poor results were expected after the Japanese firm issued a profit warning cutting its 2009 forecast for profits to 58pc.

The company made the revision after recording flat sales of its Bravia line of flat-panel TVs and a faster than expected decline in digital camera sales.

Sony said net profit for the quarter ended 30 September tumbled to ¥20.8bn (US$214.1m) from ¥73.7bn a year earlier.

Despite the poor camera and TV sales, Sony’s PlayStation 3 is emerging as a winner for the company. Sony said it sold 2.43 million units of its PlayStation 3 games console in July-September, up 86pc from 1.31 million units last year.

The company said it sold 3.18 million units of its PlayStation Portable handheld machine, up from 2.58 million last year.

By John Kennedy

Pictured: the Sony PlayStation 3, which emerged as a top seller for the company this quarter

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years