Sony bitten by global ‘slowdown’

Sony Corporation has blamed its first loss in 14 years largely on the impact of the global economic slowdown.

Sony expects to record a net loss of 150bn yen for the year to 31 March 2009.

A spokesman said today: ?Consolidated sales and operating income for the second half of the fiscal year ending March 31 2009 are expected to be significantly lower than the October forecast, primarily due to a deterioration in the business environment as a result of the global economic slowdown…’

Sony also attributed the loss on the continued appreciation of the yen, ‘the impact from the decline in the Japanese stock market and an increase in expected restructuring charges’.

To read the firm?s financial announcements in full click HERE.