Sony posts biggest quarterly loss for four years
The Japanese electronics icon posts its biggest quarterly loss as its PlayStation 3 console battles fierce competition.business Updated: May 16, 2007 13:12 IST
Japanese electronics icon Sony Corporation reported on Wednesday its biggest quarterly loss in four years as its PlayStation 3 console battled fierce competition, while full-year profits edged up 2.2 per cent.
Sony posted a net loss of 67.6 billion yen (562 million dollars) for the three months to March, worse than the 66.5 billion yen loss it suffered a year earlier.
Net profits for the fiscal year to March came to 126.3 billion yen, up from 123.6 billion a year earlier.
Strong sales of televisions and other electronics goods as well as a series of box office hits helped to offset a string of problems with defective batteries and a troubled launch of the PlayStation 3 games console.
Sony was upbeat about prospects for the current year to March 2008, forecasting net profits would be more than double to 320 billion yen.