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Tuesday, January 13, 2009

Sony expected to suffer first operating loss in 14 years

The Japanese electronics giant Sony Corp. is feared to suffer a consolidated operating loss of about 100 billion yen (1.12 billion U.S. dollars) for the year to March 31, 2009, its first loss since 1995, local media reported Tuesday.

The projected loss, apparently stemming from a strong yen and sluggish sales of flat-screen televisions and other products, marks a major turnaround from a projection last October of an operating profit of 200 billion yen, Kyodo News reported, citing sources familiar with the matter.

The Japanese electronics maker just announced 16,000 job cuts and other drastic restructuring plans in December.

In October, Sony had forecast a net profit of 150 billion yen for the year to March, down 59 percent from last year and much worse than an earlier goal of 240 billion yen.

It had forecast a full-year operating profit of 200 billion yen, compared with 475.3 billion yen from financial 2007.

Sony posted an operating profit of 374.5 billion yen in the last business year through March last year. (1 U.S. dollar = 89 yen)

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