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Sony reports first annual loss in 14 years

Loss attributed to sales slump in consumer electronics business

By CBR Staff Writer

Sony Corporation announced its consolidated results for the fiscal year ended March 31, 2009. The company reported a net loss of $1.01bn on revenue of $78.9bn. For the fiscal year ending March 31, 2010, Sony forecast a loss of $1.26bn. The losses are attributed to slowdown of the global economy, appreciation of the yen and decline in the Japanese stock market.

In the fiscal year ended March 31, 2009 sales and operating revenue (sales) decreased 12.9% compared to year-on-year results. Sony’s electronics business dropped 17% from the previous fiscal year and revenue from its game unit declined 18%. While Sony sold more units of its PlayStation 3 video game console and PlayStation Portable, the company saw a fall in software sales. In the picture segment sales decreased 16.4% compared to the previous fiscal year. The financial segment revenue decreased 7.4% year-on-year.

As a result of the losses, Sony announced that it was consolidating manufacturing in Japan and would close four additional plants, as well as sell or shutter facilities in France, Indonesia, Mexico, and the United States, reported InformationWeek.

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