Sony first-half profits down on declining revenues

Sony yesterday announced that its consolidated net income fell 24.5% to $US607 million for the first half of its financial year on revenues down 7.6% at $29.1 billion.

Sony yesterday announced that its consolidated net income fell 24.5% to $US607 million for the first half of its financial year ended September 30 on revenues down 7.6% at $29.1 billion.

For the second quarter, sales were 6.8% lower than for the same period last year at $15.3 billion while net income showed a 3.1% rise to $435 million.

The fall in profits was largely attributable to the appreciation of the yen against other currencies, as results in its electronics business were improved in every geographical area in local currency terms, Sony said in a statement.

Electronics sales in the second quarter were 5% lower than for the second quarter of the previous year at $11 billion. Strong business sectors in the first half of the year included home PCs, optical data recording equipment and semiconductors, the company said. Second-quarter sales in the gaming business were down 18.4% to $1.36 billion due to lower prices and the higher value of the yen.

Sony can be found on the World Wide Web at http://www.world.sony.com/.

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