Thursday, October 26, 2006
Sony Corp. said on Thursday it swung to a steep quarterly loss due to the mounting cost of recalling millions of computer batteries.
The company posted a group operating loss of ¥20.83 billion ($175 million) in the July-September second quarter on sales of ¥1.85 trillion..
That compares with a restated ¥74.56 billion profit in the same quarter a year earlier.
Sony kept its forecast for a sharp fall in annual profit and warned that a price war in the flat TV market could heat up.
"I know that companies like Sharp, Samsung and Panasonic will all stage a full-out offensive during the year-end shopping season. We will take necessary steps to respond," Sony Chief Financial Officer Nobuyuki Oneda told a news conference.
By: DocMemory
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