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Sony expects $3.2 billion annual loss

Mon, 05/23/2011 - 2:05am
The Associated Press

Sony Corp. is expecting a loss of $3.2 billion for the fiscal year ended March, reversing its earlier projection of a return to profit.

The Japanese maker of PlayStation 3 video game machines and Bravia flat-panel TVs said Monday the sharp downward revision to a net loss of 260 billion yen ($3.2 billion) is mainly due to the impact from the March 11 earthquake and tsunami.

Sony's official earnings report is expected Thursday. The company had earlier projected a 70 billion yen ($860 million) profit.

The company booked a 40.8 billion yen ($439 million) loss for the fiscal year ended March 2010 after a loss of 98.9 billion yen the year before — Sony's first annual red ink in 14 years.

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