Record annual loss of US$5.7bn hits Sony

10 May 2012

Natual disasters, “unfavourable” foreign exchange rates and deterioration in developed countries’ market conditions are the reasons computer tech giant Sony is citing for a decrease in its year-on-year consolidated sales. The company reported a record annual loss of 457bn yen (US$5.7bn).

Sony has experienced its fifth straight quarterly net loss, reporting a loss of 255bn yen (US$3.2bn) in the last quarter of the year.

The company’s previous estimates had it recording a US$6.4bn loss for 2011, based on a tax charge of about US$3.6bn it had to pay in the US.

For the year, Sony sold 13.9m units of the PlayStation 3, 6.8m PSPs/PS Vitas, 19.6m LCD TVs and 21m cameras.

Despite an earthquake in Japan and floods in Thailand that rattled its consolidated sales, Sony is predicting a profit amid restructuring for 2012. The company plans to become profitable again with a consolidated income of about 180bn yen (US$2.2bn).