Sony sees near-flat growth in annual profit as quake damage weighs

Reuters News
Posted: May 24, 2016 2:12 AM

TOKYO (Reuters) - Japan's Sony Corp said on Tuesday it expects operating profit to rise just 2 percent in the year through March 2017, weighed down by damage from deadly earthquakes that halted production at its image sensor plant in Kumamoto.

The company forecast profit of 300 billion yen ($2.75 billion) from 294.2 billion yen a year prior. The outlook was far below the 409.1 billion yen average of 27 analyst estimates compiled by Thomson Reuters.

Sony had delayed announcing its earnings forecasts from late April as initially scheduled to assess the impact of the earthquakes that struck last month.

(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)