Sony Corp revises net loss forecast, to cut 10,000 jobs

Sony Corp revises net loss forecast, to cut 10,000 jobs

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MUMBAI: Sony Corporation has revised its earlier forecast for the just concluded financial year putting its record net loss at 520 billion yen.

The company said the loss inflated due to writing off deferred tax assets in the United States during the quarter amounting to 300 billion yen in tax expense.

Sony had in February forecast that it will lose 90 billion yen during the financial year ended 31 March.

"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 statement.

Sony also forecasted that it will return to positive operating results and that its consolidated income for the fiscal year ending 31 March, 2013 will be approximately 180 billion yen on an assumed foreign currency exchange rates of approximately 80 yen against the U.S. dollar and approximately 105 yen against the euro.

The company kept its sales forecast and operating loss outlook for the year ended March unchanged at 6.4 trillion yen and 95 billion yen respectively.

The forecast comes in the wake of the company?s plan to cut-down 10,000 jobs, about six per cent of its work force, as it gears up to bring down costs and return back to profit making.

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