Sony Posts Wider Loss, Expects Profit This Year
Sony Corp. said Thursday that its net loss swelled in the fiscal fourth quarter due to a $4.4 billion write-down in deferred-tax assets, but it expects to return to the black this fiscal year after a three-year streak of net losses.
The Japanese electronics giant said it posted a net loss of ¥388.80 billion ($4.74 billion) during the January-March period, from a loss of ¥56.57 billion in the year-earlier period.
The tax asset writeoff that translated into the hefty net loss is an indication of how the March 11 earthquake and tsunami has shattered Sony’s expectations for a robust current fiscal year.
