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Sony Financial preliminary fiscal Q1 profit drops 28.9% YOY

Sony Financial Holdings Inc.'s preliminary net profit for the fiscal quarter ended June 30 dropped 28.9% year over year.

The company said its preliminary consolidated profit attributable to owners decreased to ¥12.5 billion, or ¥28.89 per share, from ¥17.6 billion, or ¥40.61 per share, in the prior-year quarter.

Ordinary revenues for the period increased to ¥364.9 billion from ¥326.6 billion, while ordinary profit declined to ¥18.9 billion from ¥25.5 billion.

Sony Financial said ordinary profit at the company's life insurance business decreased year over year due to a deterioration in net gains on derivative transactions to hedge market risks for available-for-sale securities and lower gains on sale of securities in the general account.

The company said it expects to report profit of ¥42 billion, or ¥96.56 per share, for the fiscal year ending March 31, 2018. Ordinary profit is expected to increase to ¥67 billion, while ordinary revenues are expected to total ¥1.430 trillion.

As of July 31, US$1 was equivalent to ¥110.50.