Sony Posts Loss of $810 Million
A one-time write-off in its movie business caused Sony Corp. to post an $810-million loss for the April-June quarter although sales were up overall.
The loss in its fiscal first quarter contrasts with a net profit of $169 million in the same period last year.
Excluding one-time items, Sony’s consolidated operating profit for the quarter fell 20.1% to $309 million. Group sales of $14.3 billion were up about 5% from $13.6 billion a year ago, Sony said.
Sony wrote off $926 million of advertising costs and development expenses in canceled projects because of a change in U.S. accounting standards for film producers and distributors. They now must write off promotional expenses when they arise. Sony also said it plans to consolidate its 13 domestic electronics-equipment assembly bases.
On Wednesday, shares of Sony closed at $96.63, up 88 cents, on the New York Stock Exchange.
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