Sony forecasts annual net loss of £1.3 billion

Sony said on Wednesday that it expects to report a net loss of 230 billion yen (£1.3b/$2.1b) for the current business year ending in March 2015.

That’s a significant increase from its prior guidance in July, when it forecast a net loss of 50 billion yen (£286m/$466m).

The firm cited a 180 billion yen (£1b/$1.7b) impairment charge for its struggling smartphone division as the reason for the revision to its original guidance.

Sony began a review of its mid-range plan (MRP) for its mobile communications (MC) segment in July 2014. Explaining the background and reason for the impairment charge, the company said:

“The previous Mid-Range Plan (MRP) was focused principally on achieving significant sales growth. The new MRP was modified to address the significant change in the market and competitive environment of the mobile business.”

www.computerandvideogames.com

David Wriglesworth

David Wriglesworth is a Northern lad with a passion for gaming, who graduated from the University of Lincoln with a BA (Hons) Journalism degree. If you can drag him away from the consoles, you can probably find him Tweeting or watching Coronation Street.

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