currency-issues-compound-woes-at-sony-and-singtel

Currency issues compound woes at Sony and SingTel

Currency movements adversely impact results at both companies, adding to the problems caused by the recessionary conditions in their respective markets.

Unfavourable currency movements are adversely affecting the results for companies across Asia, adding to the impact of stagnating demand which these firms are already weathering. The rest of 2009 does not hold much hope for improvement, say specialists.

Sony Corporation yesterday declared its first annual loss in 14 years for the fiscal year to March 31. The company posted an operating loss of 228 billion $2.3 billion, down from a profit of 475 billion in the previous fiscal year. Revenues fell 13% to 7.73 trillion.

Sales in the electronics segment were down 17% year-on-year, which the company attributed to appreciation of the yen, deterioration in the business environment brought on by the slowing global...

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