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Companies & Markets

Sony cuts annual profit outlook due to sale of battery business

Published Mon, Oct 31, 2016 · 06:38 AM
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[TOKYO] Sony Corp said on Monday it was cutting its annual profit outlook due to impairment losses related to the sale of its battery business to Murata Manufacturing Co.

The consumer electronics giant now expects to post 270 billion yen (S$3.58 billion) in operating profit for the year ending in March, down 30 billion yen from its previous forecast made in July.

Sony said it has agreed to sell its battery business for about 17.5 billion yen and expects to book an impairment charge of 33 billion yen related to the sale.

It will announce its first-half results and further details of its full-year outlook on Tuesday.

REUTERS

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