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Battered Sony reports worst fiscal year since '95

15 May 2009

Sony reported its first annual net loss in 14 years and forecast a bigger loss this year, saying the pressure from sliding sales, competition in gadget prices and a strong yen was expected to continue.

The Japanese electronics and entertainment company said Thursday it lost 165 billion yen (US$1.72 billion) in the January-March quarter, compared to a 29 billion yen ($303 billion) profit for the same period the previous year. That brought its full fiscal year loss to 98.9 billion yen ($1 billion).

Sony, which makes Bravia flat-panel TVs and Cyber-shot digital cameras, said it is closing three plants in Japan to help turn its business around. It is also in the midst of cutting 16,000 workers.

Sony said no quick recovery was in sight, projecting a 120 billion yen ($1.2 billion) loss for the fiscal year through March 2010.

Read the full article here.