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Sony Posts Q4 Losses News
Chris Leyton
16/05/2007
The launch of the PlayStation3 impacts Sony's losses for the year...
The true costs of the PlayStation3 were outlined today, as Sony Corp posted a larger then expected fourth quarter loss, primarily due to the costs of launching the next-gen format.
For the fourth quarter period ending March 31st 2007, Sony Corp saw operating losses widen to 113.4 billion yen (£475.9 million) from 51.9 billion (£217.2 million) for the same period in the previous year.
For the fiscal year ending March 31st 2007, Sony Corp posted operating profit at 71.75 billion yen (£300.3 million), compared to 226.42 billion yen (£947.6 million) in the previous year. Sales rose by 10.5% to 8.295 trillion yen (£34.8 billion), while net profit increased by 2.2% to 126.3 billion yen (£530 million).
Pinning the blame solely on the game division, which saw losses during the fourth quarter increase to 107.8 billion yen (£452.4 million) from 61.4 billion yen (£257.7 million) in the previous year, Sony Corp executives highlighted the struggles that the division faces by suggesting that it will not return to profit until the fiscal year ending March 31st 2009. Despite the loss, the game division saw an 85% increase in sales to 281.2 billion yen (£1.2 billion) for the period, fuelled by the launch of the PlayStation3. Since the launch, Sony has shipped 5.5 million PlayStation3 units and sold 3.6 million of these. For the current fiscal year, it expects to double the shipments of the PS3 to 11 million.
Despite the losses, Sony remains bullish about the future with cost-cutting measures for the PS3 and predicted a 440 billion yen (£1.8 billion) profit for the year ending March 31st 2008, with sales to grow by 5.8% to 8.78 trillion yen (£36.8 billion).
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