Sony Corp. on Thursday announced the biggest-ever group operating loss of 227.78 billion yen (2.40 billion U.S. dollars) in fiscal 2008 ending March 31.
With restructuring costs to weigh heavily on its earnings, Sony predicts a group net loss of 120 billion yen (1.26 billion dollars) on sales of 7.3 trillion yen (76.84 billion dollars).
With revenues overseas as one of its major sources of earnings, the company said that its earnings were eroded by a stronger yen as well as a drop in gadget prices amid fierce global competition.
Sony's TV sets are displayed at an electronic shop in Tokyo May 14, 2009. Sony Corp promised on Thursday to halve this year's losses, but the electronics to entertainment giant's better-than-expected outlook offered little solace to markets vexed by glum U.S. retail sales.(Xinhua/Reuters Photo) As demand for its electronics gadgets is still on the decrease, the Japanese electronics giant projected a group operating loss of 110 billion yen (1.16 billion dollars) in fiscal 2009.
Source: Xinhua
Comment
Tell A Friend
Print Format
Save Article