Feeds

Sony 2011 losses are TWICE as bad as expected

US gov squeezing its assets firmly

Intelligent flash storage arrays

Sony has more than doubled its forecast for losses in fiscal 2011 to ¥520bn ($6.4bn, £4bn) after figuring out it will owe an extra ¥300bn ($3.69bn, £2.32bn) in taxes in the fourth quarter.

The Japanese firm said today that it had to pay the additional tax on assets that were mainly in the US.

"Due to the recording of this additional tax expense, net loss attributable to Sony Corporation’s stockholders is expected to be significantly greater than the February forecast," the company said in a canned statement.

Sony had previously expected to make a net loss of ¥220bn on its unchanged forecast of sales and revenue of ¥6.4 trillion ($78.7bn, £49.42bn).

The fiscal year ended 31 March, 2012 will give Sony its fourth consecutive annual loss as the company struggles to make money from selling tellies and takes hits on the sales it does make because of the exchange rate with the strong yen.

The company has been making changes to try to get back to profitability, including bringing in ex-Playstation exec Kazuo Hirai as president and CEO from this month to replace Howard Stringer, and slurping Ericsson's half of Sony Ericsson so it can fully own its smartphone biz.

Hirai is due to give a press conference about the future of the firm on Thursday, at which he is also expected to announce a restructuring of the company that will axe 10,000 employees.

Sony said today that it was hoping to turn things around this fiscal year and end with a profit.

"Sony is currently forecasting that it will return to positive operating results and that its consolidated income for the fiscal year ending March 31, 2013 will be approximately ¥180 billion," the firm said.

Full results for this fiscal year are due to be announced on 10 May. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.