Sony Reports $1.01 Billion Fiscal Year Loss

Company to intensify cost-cutting measures

Tokyo - Sony reported a $1.01 billion loss for its fiscal year, ended March 31, which is higher than expected, and it is forecasting another loss in the current fiscal year as it plans to intensify cost-cutting measures and revamp its electronics product lines.

Sales and operating revenue for the year was $78.9 billion, down 12.9 percent compared to the prior year, and its operating loss was $2.3 billion (227.8 billion yen) compared with an operating profit in the prior year of 475.3 billion yen.

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