TOKYO >> Sony Corp.’s net profit plunged 86 percent in the last quarter from a year earlier, the company said Tuesday, as its profitability was hammered by a strong yen and lagging smartphone sales.
The Japanese electronics and entertainment giant reported a 4.8 billion yen ($45.8 million) net profit in July-September. Net profit was 33.6 billion yen in the same period a year earlier.
Sales dropped nearly 11 percent to 1.69 trillion yen ($16.1 billion) in the last quarter, down from 1.89 trillion yen a year earlier, the company said in a statement.
Sony’s TV division has lost money for years, and its smartphone offerings have suffered amid intense competition from Apple Inc.’s iPhone and Samsung Electronics Co.’s Galaxy line.
However, the company said sales of software for the PlayStation 4 video game console performed well.
The movie division got a lift from “Ghostbusters,” “Sausage Party” and “Don’t Breathe,” Sony said. Fate/Grand Order, a game application for mobile devices, and an increase in digital streaming revenue helped its music business.
As part of its turnaround strategy, Sony has been selling some assets, including its Vaio personal computer unit.
A strong yen hurts earnings of Japanese exporters when translated into yen.
Earthquakes in April that disrupted production of camera parts and semiconductors on the island of Kyushu in southern Japan also were a factor in the lower profits for the half-year, costing the company nearly 48 billion yen ($458 million), Sony said.
ON THE MOVE
Prospect Mortgage, one of the nation’s largest independent residential retail lenders, has announced Debra Devaris as a loan officer in the firm’s Maui office. She has more than 20 years of law experience, including specializing in negotiating loan modifications and settlements as well as foreclosure litigation and real estate transactions. Prior to Prospect Mortgage, Devaris served as an office manager and paralegal to the president at Hilfman, Martin & Barr for 20 years in Chicago.
PrimeLending has announced the addition of three people to its Honolulu office at 1240 Ala Moana Blvd., Suite 530:
>> Stanley Ishii is a production manager. Ishii has more than 30 years of mortgage industry experience, including serving as a residential loan manager for American Savings Bank.
>> Bryce Tani is a senior loan originator. Tani has 13 years of mortgage industry experience, including serving as a senior residential loan officer for American Savings Bank.
>> Debbie Goto is a senior loan originator. Goto has more than 25 years of mortgage industry experience, including serving as a senior loan officer for American Savings Bank.