Sony warns it will make a fourth straight annual loss
- 2 November 2011
- From the section Business
Japanese electronics giant Sony has warned that it is on target to make its fourth annual loss in succession.
The warning came as it unveiled a 27bn yen ($346m; £216m) loss for its second quarter, compared with a profit of 31bn yen for the same period last year.
The company said the strong yen, floods in Thailand, and weak demand in the US and Europe were to blame.
Sony is now projecting an annual net loss of 90bn yen, compared with its previous forecast of 60bn yen profit.
The Tokyo-based conglomerate is restructuring its TV operations.
The maker of Bravia TVs have seen its TV business lose money for the past seven years. Sony project this part of their company should turn a profit in 2013.
Analysts say Sony's TV operations have been hit by price falls, an oversupply of panels, and intense competition and innovation in the electronics market.