Sony posts first annual loss in 14 years

Sony ended the financial year over $1 billion in the red in the company's first annual loss in 14 years.

The company posted a net loss of 98.9 billion yen on 13% lower revenue of 7.73 trillion yen ($80.76 billion) for the financial year ending March 31.

Sony has blamed the decline on the slumping global economy, the appreciating value of the yen and the decline in the Japanese stock market. The company's cash reserves fell 39.2% to 660.8 billion yen.

Sony Ericsson swung to a €489 million ($665.3 million) loss from a €993 million profit in 2008. Sales slumped 19% to €10.23 billion.

Sony's electronics division recorded an operating loss of 168.1 billion yen, with sales decreasing 17% to 5.48 trillion yen.

Sony said it expects sales to decline a further 6% in 2010 because of the weak economy and the appreciation of the yen against the dollar. It said restructuring charges would increase its operating loss to 140 billion yen.

 

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