Sony Cuts Planned Dividend Payout

The Japanese consumer electronics maker reduced its planned fiscal 2009 year-end dividend after cutting its earnings forecast earlier in the year.
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Sony

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reduced the amount of its planned fiscal year-end dividend to 12.5 yen a share, the same as the previous fiscal year, from an originally forecast 20 yen a share.

The Japanese consumer electronics maker said it revised the dividend lower after it cut its earnings forecast in January "in light of the deterioration of the global business environment."

Sony said in January it expected to report a loss of 150 billion yen ($1.7 billion) in the year ending March 31, a reversal from a forecast it made in October of fiscal net income of 150 billion yen. Last fiscal year, Sony racked up 369.4 billion yen in net earnings.

The fiscal-year loss would be the company's first net loss in 14 years.

In a statement Wednesday, Sony said the final determination of the year-end dividend would be made in May.