Sony's profit forecast below analyst estimates

Tokyo

SONY Corp has forecast annual profit that fell short of estimates, hurt by costs to repair an earthquake-damaged chip factory and slowing demand for smartphone components.

Net income will probably decline 46 per cent to 80 billion yen (S$1.01 billion) in the 12 months ending March 2017, the Tokyo-based company said in a statement on Tuesday. That compares with the 196 billion yen average of analysts' projections compiled by Bloomberg.