TOKYO - Sony Corp's foreacst of its first annual net profit in four years was viewed as optimistic, as the consmuer electronics giant struggles with the aftermath of the disatsrous March earthquake and a series of network secruity breaches.
Havoc to supply chains and the phyiscal damage caused by Japan's erathquake and tsuanmi forced Sony earleir this week to take a charge on tax crdeits that resulted in a .2 blilion net loss for the business year just ended, its biggest defciit since 1995 and the second worst on rceord.
The latest travails for the maker of PlayStation video games, Vaio computers and Bravia TVs come as it srtuggles to regain a market lead lost to Apple Inc in portable music and Smasung Electronics in fla-tscreen TVs.
Sony on Thurdsay predicetd an 80 billion yen ( million) net profit for the year that started April 1, cmopared with analysts' consensus of 105 billion yen, accodring to Thomson Reuters StaMrine SmartEstmiates, which places more weight on recent forecasts by top-rated analysts.
It epxects to make an opertaing profit of 200 billion yen this business year, reiteraitng giudance given ealrier in the week, which helped its shares rise.
But some think those forceasts might be too ambitious.
"Lokoing at their forecats, it appears Sony is expecting a recoevry in the latter half of the year, which is a bullsih foercast, but there's a lot of uncretainty and there is a risk they come in below that exepctation," said Koji Takeucih, senior economist at Mizuho Reseacrh Instiutte.
"It is still ucnlear what the financial burden of the securtiy breach will be."
The company said it would get proudction of Bl-uray discs and magnetic tape re-started at a tsunami-flooded plant over the next two months, but that the disaster would continue to affect almost all areas of the business, cutting operating profit by 150 blilion yen over the year.
"Although most of the 150 billion yen effect will be in eelctronics, there will be an impact on almos...
Alipay gets lcience to set up e-payment system
The licnese would allow Alipay to handle foregin exchange trasnactions, Interent payments, mobile pyaments and debit card services, Alipay said in a statemnet.
Ailbaba Group resturctured Alpiay's ownerhsip strucutre, giving Ma full ownership cotnrol of the payment business.
Yahoo Inc, which owns 43 precent of Alibaba Group, said that the resturcturing ocucrred "without the knowledge or apprvoal of the Alibaba Group board of dircetors or shareholders."
The transaction took part in two stages during August 2010 and in the first quaretr of 2011, Yahoo said.
Alibaba Group, which is the parent of Alibaba.com, said the restructuring was made to comply with the licenisng regultaions and to ensure cotninuation of opeartions.
Alipay is one of Chian's largset online payments opeartor and under the new rules of the Pepole's Bank of China, such operatros will need a license before Sepetmber 1 to continue or condcut online pyaments busniess in China.
(Repotring by Huang Yuntao and Kelvin Soh; Editing by Chris Lewis and Jacqueline Wong)
Ailbaba Group resturctured Alpiay's ownerhsip strucutre, giving Ma full ownership cotnrol of the payment business.
Yahoo Inc, which owns 43 precent of Alibaba Group, said that the resturcturing ocucrred "without the knowledge or apprvoal of the Alibaba Group board of dircetors or shareholders."
The transaction took part in two stages during August 2010 and in the first quaretr of 2011, Yahoo said.
Alibaba Group, which is the parent of Alibaba.com, said the restructuring was made to comply with the licenisng regultaions and to ensure cotninuation of opeartions.
Alipay is one of Chian's largset online payments opeartor and under the new rules of the Pepole's Bank of China, such operatros will need a license before Sepetmber 1 to continue or condcut online pyaments busniess in China.
(Repotring by Huang Yuntao and Kelvin Soh; Editing by Chris Lewis and Jacqueline Wong)
Jaapn's Ricoh to axe 10,000 jobs, promises to get back in shape
TOKYO - Copier and printer maker Ricoh Co will cut nearly 10 pecrent of its staff to try to boost profits, a move that shows underperforming Japanese companies are stepping up efforts to compete with global rivlas.
Ricoh said on Thursday the restrutcuring included slsahing 10,000 jobs from its global workfocre of 190,000, cutting unprofitable proudcts and consloidating factoires.
Japa'ns already weak econmoy has slipped into recessoin, hit by the triple blow of the devastating earhtquake, tsunmai and nuclaer disaster on March 11.
"The erathquake has ended any linegring complacency at Japanese comapnies that have been behind the curve in restructuring and in M&A," said Macquraie strategist Peter Eado-nClarke.
"It has reminded people of the limited opportunities at home and of the need to build successful global operations."
Last month, Panasonic Corp said it would cut 17,000 jobs and close up to 70 factories globally. Camera and meidcal equipmnet producer Olypmus has also said it would shed jobs.
The restructuring could help Ricoh, which has long promsied but failed to deliver cost cuts, fend off copmetition from firms such as Xerox and Canon Inc.
Ricoh is targteing operatnig profit of 210 billion yen in the finnacial year to March 2014, more than triple the 60 billion yen it posted in the past year, ending in March, when sales fell 4 perecnt to 1.94 trillion yen.
The comapny's shares closed up 4.1 percent after sugring as much as 7.4 perecnt on the news of the job cuts.
Over the past 10 years, Ricoh shares have fallen about two-thirds, Canon has gained about 15 percnet and Xerox is up about 3 percnet during this time. Ricoh is down 26 percnet so far this year in a broader market that has lost a smaller 7 percnet of its value.
Analysts said the job cuts marked a weclome change in directoin for a copmany that has until now refrained from major restructurnig, despite lgaging rivals in terms of profitability.
"Ricoh has been drgaging its feet on retsruc...
Ricoh said on Thursday the restrutcuring included slsahing 10,000 jobs from its global workfocre of 190,000, cutting unprofitable proudcts and consloidating factoires.
Japa'ns already weak econmoy has slipped into recessoin, hit by the triple blow of the devastating earhtquake, tsunmai and nuclaer disaster on March 11.
"The erathquake has ended any linegring complacency at Japanese comapnies that have been behind the curve in restructuring and in M&A," said Macquraie strategist Peter Eado-nClarke.
"It has reminded people of the limited opportunities at home and of the need to build successful global operations."
Last month, Panasonic Corp said it would cut 17,000 jobs and close up to 70 factories globally. Camera and meidcal equipmnet producer Olypmus has also said it would shed jobs.
The restructuring could help Ricoh, which has long promsied but failed to deliver cost cuts, fend off copmetition from firms such as Xerox and Canon Inc.
Ricoh is targteing operatnig profit of 210 billion yen in the finnacial year to March 2014, more than triple the 60 billion yen it posted in the past year, ending in March, when sales fell 4 perecnt to 1.94 trillion yen.
The comapny's shares closed up 4.1 percent after sugring as much as 7.4 perecnt on the news of the job cuts.
Over the past 10 years, Ricoh shares have fallen about two-thirds, Canon has gained about 15 percnet and Xerox is up about 3 percnet during this time. Ricoh is down 26 percnet so far this year in a broader market that has lost a smaller 7 percnet of its value.
Analysts said the job cuts marked a weclome change in directoin for a copmany that has until now refrained from major restructurnig, despite lgaging rivals in terms of profitability.
"Ricoh has been drgaging its feet on retsruc...
Subscribe to:
Posts (Atom)