Sony sales, net profits sharply higher but target missed

IDG News Service — Tue, 13 May 2008 23:23:25 -0700

Sony earned sharply higher net profits in the financial year just ended on the back of stronger sales, but missed an already-lowered operating profit target, it said Wednesday.

The company reported net profits of ¥369 billion (US$3.5 billion) for the year to March with sales up 7 percent to ¥8.9 trillion.

Operating profit, which more closely measures the profitability of Sony's core electronics operations and excludes most non-core and one-time gains and charges, was ¥374 billion, more than four times those reported in the previous year, but less than Sony's target of ¥410 billion. Sony had originally forecast an operating profit of ¥440 billion but revised it down three months ago.

Sony Corp. Fiscal Year 2007 Earnings Table

Fiscal year 2007 Fiscal year 2006 Percentage change

Sales and revenue ¥8.9 trillion ¥8.3 trillion +6.9 percent

Operating profit ¥374.5 billion ¥71.8 billion +421.9 percent

Net profit ¥369.4 billion ¥126.3 billion +192.4 percent

Source: Sony Corp.

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Sony sales, net profits sharply higher but target missed