Sony revises downward FY2013 earnings projection

The earnings projection of Sony Corp. in fiscal year of 2013 was revised downward by 20 billion yen (203. 4 million U.S. dollars) on Thursday, mainly due to slower sales of televisions, cameras and personal computers, local media reported. The Japanese electronics maker now expected to post a group net profit of 30 billion yen through March next year, down from a earlier projection of 50 billion yen. It forecast a consolidated operating profit of 170 billion yen and sales of 7.7 trillion yen for the current business year, compared with an earlier estimate of 230 billion yen and 7.9 trillion yen respectively. Due to fierce price competition, Sony cut its sales target for digital cameras by 500,000 units to 12 million units, and that of liquid crystal display panel televisions by 1 million units to 14 million units. It also lowered its sales target of personal computers by 400,000 units to 5.8 million units. During the April-September period, the company reported a group net loss of 15.80 billion yen, compared with a loss of 40.11 billion yen a year earlier, and a consolidated operating profit of 51.12 billion yen, up 40 percent, on sales of 3.49 trillion yen, up 11.8 percent.