Thursday, January 22, 2009
Sony Corp. on Thursday predicted an annual operating loss than previously expected, which would be its first annual loss in 14 years due to a sharp appreciation of the yen, sharp falls in prices and costs of restructuring.
The maker of Bravia LCD televisions, the Cyber-shot digital cameras and PlayStation game consoles have now expects an operating loss of 260,000 million yen (2,900 million U.S. dollars) for the year ending March 31.
A year ago the company recorded a gain of 475,300 million yen.
While an expected cut in earnings forecast, the scale of the revision exceeded expectations.
The latest Sony forecast compares with an estimate of the company after a gain of 200,000 million yen, and the consensus forecast of a loss of 8,900 billion yen in a poll of 18 analysts conducted by Reuters Estimates.
The revision was the third this year by Sony, while the company extended the impacted the global financial crisis and recession.
($ 1 = 89.09 yen)
Labels: Business
