Sony Reports $3.1 Billion Loss

TOKYO: Sony Corporation’s financial results for the fiscal year ended March 31, 2011, include a net loss of 259.6 billion yen ($3.1 billion), largely as a result of charges related to this year’s devastating Japanese earthquake.

Revenues for the company were flat at 7.2 trillion yen ($86.5 billion), with an operating income that rose significantly to 199.8 billion yen ($2.4 billion). The year’s results included a charge of 11.9 billion yen ($143 million) from idle facility costs at manufacturing sites and an incremental provision for life insurance policy reserves following the Earthquake. In addition, there was a 5.1 billion yen ($61 million) impact from the estimated net margin loss associated with a decrease in sales resulting from the earthquake.

At Sony Pictures Entertainment, revenues fell by 8 percent to $7.2 billion, with an operating income of $466 million.

For the fiscal year ending March 31, 2012, Sony is forecasting a 4.4-percent revenue increase to 7.5 trillion yen, with a net profit of 80 billion yen.