Sony reports record annual loss
Tokyo: Sony Corp racked up a record annual loss of 457 billion yen (USD 5.7 billion) in its fourth straight year of red ink as the once-glorious maker of the Walkman and PlayStation struggles toward a turnaround under a new president.
The electronics and entertainment company, which also makes "Spider-Man" movies, reported today a loss of 255 billion yen (USD 3.2 billion) for the January-March period, its fifth straight quarterly net loss to round out a fiscal year that was the worst in its 66-year corporate history.
The latest red ink was worse than 1995, which followed Sony's ambitious but disastrous purchase of Hollywood studio Columbia Pictures.
Sony's recent troubles were worsened by factory and supplier damage in north eastern Japan, ravaged by the earthquake and tsunami last year. Sony also suffered production disruptions from the flooding in Thailand.
Quarterly sales inched up 1.2 percent on-year to 1.6 trillion yen (USD 20 billion). Annual sales plunged nearly 10 percent to 6.5 trillion yen (USD 81 billion), as unit sales slipped in flat-panel TVs, video and digital cameras, game machines and personal computers.
Sony has bled money for eight straight years in its core TV business, bashed by competition from Samsung Electronics Co of South Korea and other Asian rivals.