Sony Forecasts a Net Loss of $1.3 Billion for Fiscal Year 2013

Sony announced today that it expects to report a net loss of 130 billion yen ($1.3 billion) for the 12 month period that ended on March 31, 2014. That compares with a loss of 110 billion yen ($1.1 billion) forecast in February, a reduction from its October 2013 projection of a 30 billion yen ($294 million) profit. Sony won't report its consolidated results for the fiscal year until May 14, but it published a preliminary earnings report on Thursday to get investors prepared for the news.

Sony has forecast a 14 percent year on year increase in sales, it will be hit by an expected 30 billion yen ($294 million) of expenses related to its plans to exit the PC business completely.

"Since Sony's announcement that it will exit the PC business, PC sales for the fiscal year ended March 31, 2014 and expected PC sales for the fiscal year ending March 31, 2015 are underperforming the February expectation," the company said this morning. "Consequently, Sony expects to record write-downs for excess components in inventory and accrual of expenses to compensate suppliers for unused components ordered for Sony's spring PC lineup."

Sony also said that it expects to record 25 billion yen ($244 million) in impairment charges related to its overseas disc manufacturing business, "primarily due to demand for physical media contracting faster than anticipated."

Sony revealed that PS4 sales topped seven million units as of April 6 earlier this month.

Source: CVG

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