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Sony sees weaker-than-expected annual profit on quake damage

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Justin Martinez

View photosMoreSony Corp's Chief Financial Officer Kenichiro Yoshida attends a news conference in Tokyo, Japan, May 24, 2016.

REUTERS/Thomas Peter

TOKYO Reuters - Japan's Sony Corp on Tuesday forecast weaker-than-expected earnings this year after partially halting production of its cash-cow image sensors last month to assess earthquake damage to its factory.

The electronics maker expects operating profit to rise just 2 percent to 300 billion yen $2.75 billion for the year ending March, versus the 409 billion yen average of 27 analyst estimates compiled by Thomson Reuters.

Brisk sales of image sensors for smartphones have helped revive Sony's earnings in recent years, masking slowing sales in other consumer electronics such as television sets.

But Sony delayed its earnings forecast from late April after quakes shook the southern city of Kumamoto, home to one of its five image sensor plants.

It partially resumed operations this month and on Tuesday said wafer production would resume by the end of August.

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Justin Martinez
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