Sony posts first annual loss in 14 years
- Source: The Global Times
- [16:11 May 14 2009]
By Liu Chang
Sony reported on May 14 an annual loss of 98.9 billion yen ($1.04b) for the fiscal year ending 2008. It was the first annual loss for the company in 14 years. However, the figure was better than the forecasted loss of 150 billion yen by the company back in January, the BBC reported.
According to Sony, the severe loss was due to the global financial downturn. The strong yen also affected Sony's overseas profits. The electronic and game divisions in Sony were major contributors for the loss. Sales were down 12.9 percent for Sony worldwide.
The company foresees a greater loss in the fiscal year of 2009 with an estimate of 120 billion yen.