Sony records massive loss, predict return to profit

Sales for the year were 6,493.2 billion yen (79,186 million USD), a decrease of 9.6% compared to the previous fiscal year (“year-on-year”), while the company recorded an operating loss of 5.7 billion USD. The decreases were blamed primarily on unfavorable foreign exchange rates, the impact of the Great East Japan Earthquake and the floods in Thailand, and deterioration in market conditions in developed countries. The company predicted a 180 million USD operating income this year and a net income of 30 million USD. “Sales are expected to increase significantly year-on-year due to an expected recovery from the negative impact of the Earthquake and the Floods, mainly in digital imaging products and PCs,” the company said in a press release.