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Japanese electronics firm Sony has issued a profit warning ahead of its full year financial reports next March – slashing its profit forecasts by 57 per cent in the process.
The Times Online reports that Sony had previously predicted full year profits of YEN 470 billion, but this has now been cut to YEN 200 billion. A combination of the Yen’s increasing strength and falling demand for Sony products, most notably its LCD TV range, has been blamed.
Some analysts are now predicting future losses for the firm and recommending investors sell any shares they hold in the company.
