Sony Expecting Record Loss

TOKYO: Sony Corporation has forecast a record loss of 520 billion yen ($6.4 billion) for the fiscal year ended March 31, inflated by a write-off of deferred tax credits on its U.S. assets.

This marks its fourth consecutive year in the red. This loss is double an earlier forecast from the company. There was an additional charge of around 300 billion yen ($3.6 billion) in tax expense in the fourth quarter of the fiscal year, primarily due to the establishment of valuation allowances against deferred tax assets, predominantly in the U.S. 

"Due to the recording of this additional tax expense, net loss attributable to Sony Corporation’s stockholders is expected to be significantly greater than the February forecast," the company said in a statement.