Sony Confirms $3.1bn Annual Loss
Japanese electronics giant Sony has reported a loss of $3.1bn (£1.9bn) for the year to 31 March.
The net loss was largely due to writing off $4.4bn related to a tax credit, and the stronger yen had also affected earnings during the year. Sony's business was also affected by the earthquake in Japan in March.
This is the third successive year that Sony has reported a loss. However, it forecast that it would return to profit in the current financial year.
Sony is seeking to improve its profitability by cutting costs, and has forecast a profit of 80bn yen ($976m; £600m) for the current fiscal year.
The net loss was largely due to writing off $4.4bn related to a tax credit, and the stronger yen had also affected earnings during the year. Sony's business was also affected by the earthquake in Japan in March.
This is the third successive year that Sony has reported a loss. However, it forecast that it would return to profit in the current financial year.
Sony is seeking to improve its profitability by cutting costs, and has forecast a profit of 80bn yen ($976m; £600m) for the current fiscal year.