Sony more than doubles net loss projection

Sony more than doubles annual net loss projection on tax charges

Associated Press

TOKYO (AP) -- Sony Corp. has more than doubled its projected net loss for the fiscal year through March to 520 billion yen ($6.4 billion), its worst loss ever.

The Japanese electronics company said Tuesday it expects additional tax expense of 300 billion yen in the fiscal fourth quarter. It said this non-cash charge stemmed from revaluing U.S. tax credits that are unlikely to be utilized due to its string of annual losses.

In February, it had projected an annual net loss of 220 billion yen amid weak TV sales, the strong yen and production disruptions from flooding in Thailand.

Japanese news reports Monday said Sony would cut about 10,000 jobs worldwide over the next year as it tries to return to profit, but the company would not confirm that.

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