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Winnipeg Free Press - PRINT EDITION
Sony's woes continue with record $5.7-B loss
Koji Sasahara / The Associated Press archives Sony suffered the worst annual loss in its 66-year history. (CP)
TOKYO -- Sony Corp. racked up a record annual loss of 457 billion yen (US$5.7 billion) in its fourth straight year of red ink as the once-glorious maker of the Walkman and PlayStation struggles toward a turnaround under a new president.
The electronics and entertainment company, which also makes Spider-Man movies, reported Thursday a loss of 255 billion yen ($3.2 billion) for the January-March period -- its fifth-straight quarterly net loss to round out a fiscal year that was the worst in its 66-year corporate history.
The latest red ink was worse than 1995, which followed Sony's ambitious but disastrous purchase of Hollywood studio Columbia Pictures.
Sony's recent troubles were worsened by factory and supplier damage in northeastern Japan, ravaged by the earthquake and tsunami last year. Sony also suffered production disruptions from the flooding in Thailand.
Quarterly sales inched up 1.2 per cent on-year to 1.6 trillion yen ($20 billion). Annual sales plunged nearly 10 per cent to 6.5 trillion yen ($81 billion), as unit sales slipped in flat-panel TVs, video and digital cameras, game machines and personal computers.
Sony has bled money for eight straight years in its core TV business, bashed by competition from Samsung Electronics Co. of South Korea and other Asian rivals.
And consumers are flocking to products from Apple Inc. like the iPhone and iPad.
Sony is aiming for a comeback under Kazuo Hirai, appointed president last month.
-- The Associated Press
Republished from the Winnipeg Free Press print edition May 11, 2012 B6
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