directSony’s profits fell nearly 86 percent in the fourth fiscal quarter of 2019, with expectations of a significant impact of the Corona virus on operating profit.
The Japanese company’s results released on Wednesday showed that it recorded a net profit of 12.64 billion yen (118 million dollars) during the three-month period ending March, down 86 percent from the comparable financial quarter of the previous year.
Analysts had estimated that the Japanese technology company would post a profit of 26.41 billion yen.
Operating profit fell by about 57 percent to 35.45 billion yen (331 million dollars) during the last quarter of the fiscal year ending in March, compared to 82.73 billion yen during the same period last year.
In terms of revenue, it fell nearly 18 percent to 1.7 trillion yen during the company’s fourth fiscal quarter.
In the fiscal year ending March, Sony’s operating profit fell to 845.45 billion yen, compared to 894 billion yen.
The company said the impact of the Corona epidemic had already reduced operating profit by 68.2 billion yen for the year ending March.
Sony expects operating profit to decrease by at least 30 percent in this fiscal year ending in March from 2021 to its lowest level in four years, with the company estimating reduced demand for televisions and cameras due to the outbreak of the Corona virus.
The shares closed, “Sony” today’s session, down by about 0.3 percent to 7.069 yen.