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Sony Posts Wider Loss, Expects Profit This Year

Published on May 26, 2011
by Juro Osawa

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.

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