Industry SectorsTech/Media/TelecomsSony Cancels Dividend as Losses Spiral

Sony Cancels Dividend as Losses Spiral

Sony has cancelled its dividend payment, for the first time since the company went public in 1958.

The Japanese electronics and entertainment conglomerate confirmed there would be no dividend payments for the half- and full-year. “This is the very first time we ever eliminated a dividend,” said Sony’s president Kazuo Hirai. “For more than 50 years we always paid a dividend. The entire management takes this very seriously.”

The announcement came after Sony wrote down the value of its smartphone business, which has faced fierce competition from Chinese rivals.

The company announced a loss of 230bn yen (JPY), equivalent to US$2.1bn/£1.29bn, for the fiscal year ended in March against an earlier projection of JPY50bn. The heavier losses reflected a quarterly write-down on the mobile unit’s value of about JPY180bn.

Related Articles

The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

EEA The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

6m BELLIN
The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

6m BELLIN
The Challenge of Integrating Worldwide Subsidiaries into one TMS

Baltics The Challenge of Integrating Worldwide Subsidiaries into one TMS

6m BELLIN
Q&A with BMG's treasury : BELLIN - We Love Treasury 2

EEA Q&A with BMG's treasury : BELLIN - We Love Treasury 2

6m BELLIN
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

6m Alex Kwiatkowski
2017's most read: Correspondent banking: still in rude health?

Bank Relationships 2017's most read: Correspondent banking: still in rude health?

7m Henry Balani
2017's most read: The future of cash management: the single multi-currency virtual account

Accounts Payable 2017's most read: The future of cash management: the single multi-currency virtual account

7m Matthew Fuellhart
2017's most read: Open API: unlocking innovative new services in banking

Automation 2017's most read: Open API: unlocking innovative new services in banking

7m Lu Zurawski