Chicago (IL) – Sony announced yesterday they would reduce the amount of their quarterly dividend from 20 yen to 12.5 yen, a 37.5% reduction. This brings the annual dividend payable per share to 42.50 yen, down from a forecasted 50 yen (15% reduction).
Sony cites the global economic conditions, saying “On January 22, 2009, the Company announced a downward revision of the Company’s consolidated results forecast for the fiscal year ending March 31, 2009, in light of the deterioration of the global business environment. As a result, the Company has decided to reduce the planned amount of the year-end dividend for the fiscal year ending March 31, 2009 to ¥12.5 per share, the same amount paid in the previous fiscal year, from ¥20 per share, the originally planned amount.”
The 42.50 yen dividend is still subject to board approval in May, and will be paid in June. Sony had previously forecast a 30 yen interim dividend payout amount.
See Sony’s press release (PDF).