COMPANY TOWN ANNEX
From Times Staff and Wire Reports
Sony Corp. Reports Profit Slump: The Japanese electronics maker and entertainment conglomerate said net earnings for its fiscal first quarter were off 49% from the comparable period a year earlier. It blamed the weak Japanese economy and the yen’s appreciation against the U.S. dollar. Sony said it earned roughly $39 million in the quarter and that sales rose 4.3%, to about $8.65 billion. The yen has gained about 12% against the dollar this year, so the yen value of profits earned in the United States, Sony’s biggest market, has been reduced.
