Sony reports $1 bln annual loss, sees more red ink

[Turborama]

Source: AP

Sony Corp. reported a 98.9 billion yen ($1 billion) loss for the fiscal year ended March, its first annual net loss in 14 years, and projected it would lose even more money this year amid a serious slump in the global electronics market.

Sony also said Thursday it is closing three plants in Japan to help turn its business around.

Hit by dropping sales and the strong yen, Sony lost 165 billion yen in the January-March quarter, compared to a 29 billion yen profit for the same period the previous year.

The Japanese electronics and entertainment company said no quick recovery was in sight, projecting a 120 billion yen ($1.2 billion) loss for the fiscal year through March 2010.

The results are a reversal from the 369.4 billion yen profit Sony recorded a year earlier. Sales for the fiscal year through March slid 12.9 percent to 7.73 trillion yen, it said.

Read more: http://www.thejakartapost.com/news/2009/05/14/sony-reports-1-bln-annual-loss-sees-more-red-ink.html

[truthisfreedom]

1. Business model=fucked.

The world has changed, SONY. Time to find a new way of doing business.