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Sony forecasts wider loss for fiscal 2011

(Xinhua)

16:10, February 02, 2012

TOKYO, Feb. 2 (Xinhua) -- Japan's Sony Corp. forecast Thursday that its loss for the full fiscal year ending this March would top 220 billion yen (about 2.9 billion U.S. dollars), a sharp increase from an earlier expectation of 90 billion yen.

The electronics and entertainment giant recorded 201 billion yen (about 2.64 billion U.S. dollars) group net loss for the nine months from April in its financial results report released Thursday.

The company said its sales "decreased significantly year-on- year primarily due to the impact of the floods in Thailand, deterioration in market conditions in developed countries and unfavorable foreign exchange rates."

Thursday's results came one day after the company's announcement that Kazuo Hirai would replace Howard Stringer as chief executive and president effective on April 1.

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