Sony posts $391 million loss

Though last quarter results better than expected
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Sony has posted a net loss of $391 million for the last quarter and a sales decline of 19.2 per cent.

These results stand in stark contrast to the same period last year, when Sony took $368 million in profit.

The vendor has been hit hard by the economic slowdown. The consumer electronics sector, a key territory for Sony, has seen a 27.3 per cent year-on-year decline in sales volume. More specifically, sales of the Playstation 3 fell from 1.6 million units to 1.1 million while Playstation Portable sales dropped from 3.1 million units to 1.3 million.

According to the Washington Post, the results were better than the predicted billion-dollar loss as a result of cost cutting measures, the recent easing of inflation for the Japanese Yen and gains on the Tokyo stock market.

In addition, Sony’s entertainment divisions proved profitable. It’s Pictures Entertainment division reported growth of 6.5 per cent, while Sony Music Entertainment saw sales double.

Despite the better than expected results, Sony is maintaining its prediction of a 1.26 billion dollar loss for fiscal 2009, citing an uncertain future.

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