Sony Corp, Toshiba Corp and other Japanese electronics companies reported losses for their latest fiscal periods, stung by a recession at home and a global slump in demand for computers, mobile phones and the chips that go into them.
Sony, the world's second-largest consumer-electronics company, lost ?5.5 billion (US$42.5 million) in the fourth quarter ended March 31, versus net income of ?15.8 billion in the year-earlier period. Toshiba, the world's second-biggest chipmaker, lost ?46 billion in Q4, compared with net income of ?31 billion. Sanyo Electric Co and Fujitsu Ltd also reported losses. Japanese companies are coping with the country's third recession in a decade and sluggish consumer spending at home and abroad. The mobile phone and chip industries had their worst slump ever last year, while Japan's shipments of personal computers fell 16 percent in this year's first quarter.
"Consumer spending remains relatively weak, particularly in the Japanese domestic market," said Graeme Sinclair, who helps manage US$1 billion, including Sanyo shares, at Aberdeen Asset Management Asia Ltd.
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