|Sony Reports Massive Loss in Earnings|
|by Tom McGregor||Thu, May 10, 2012, 06:58 PM|
Amid disasters and a strong yen, Sony reports a record loss. The Japanese electronics manufacturer has just reported a record annual loss due to natural disasters last year and a strong yen that harmed its exports.
According to the BBC News, “the firm reported a net loss of 456.7 billion yen for the year to the end of March, compared with a 259.6 billion yen loss last year. The company said falling demand from developed markets also affected its earnings.”
Nevertheless, it still forecasts a profit of 30 billion yen for the current financial year. However, the company sounded upbeat, but some analysts insist that the firm would likely face difficulties for the year ahead.
BBC quotes Nitin Soni of Fitch Ratings as saying; “there is no respite in sight for them. Demand from Europe has been falling and the yen continues to remain strong. These factors are contributing to the fall in probability.”
The earthquake and tsunami in March last year had severely impacted Sony’s production and sales.
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