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Sony confirms $3.1bn annual loss as strong yen hurts

Category: Business

Published: 26th May 2011 08:16:28

Japanese electronics giant Sony has reported a loss of $3.1bn (£1.9bn) for the fiscal year ending 31 March 2011.

The net loss was largely due to writing off $4.4bn related to a tax credit booked in the previous quarter.

The company said that a strengthening yen also affected its earnings during the fiscal year.

This is the third successive year Sony has reported a loss. However, it forecast that it will return to profit in the current fiscal year.

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BBC News, 2011. Sony confirms $3.1bn annual loss as strong yen hurts [Online] (Updated 26th May 2011)
Available at: http://www.ukwirednews.com/news/156945/Sony-confirms-3-1bn-annual-loss-as-strong-yen-hurts [Accessed 2nd Sep 2014]

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