Sony expects $3.2 billion annual loss
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.