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Sony profit drops 70 per cent

Falling net income blamed on strengthening yen as revenues remain flat

Sony Corporation has announced its Q2 financial results for 2008 with the headline that profit fell by over 70 per cent year-on-year.

Net income was down from JPY 73.7 billion (USD 760 million) to JPY 20.8 billion (USD 200 million), largely down to an increase in the strength of the yen, hitting its huge export business, and a significant decline in the value of its stock holdings due to the ongoing global financial problems.

Revenues meanwhile stayed relatively flat from last year's numbers, dropping by 0.5 per cent from JPY 2.083 trillion (USD 21.5 billion) to JPY 2.072 trillion (USD 19.9 billion).

The corporation's share price nevertheless ended up by almost 2 per cent over the day on JPY 2035 (USD 21), although the Nikkei itself was up by over 5 per cent in total.

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