Sony confirms $3.1bn annual loss

Japanese electronics giant Sony has reported a loss of $3.1bn (£1.9bn)
for the year to 31 March. The net loss was largely due to writing off
$4.4bn related to a tax credit, and Sony added that the stronger yen
had also affected earnings during the year. Sony's business was also
affected by the earthquake in Japan in March. This is the third
successive year that Sony has reported a loss. However, it forecast
that it would return to profit in the current financial year. Sony
said that it was seeking to improve its profitability by cutting
costs, and has forecast a profit of 80bn yen ($976m; £600m) for the
current fiscal year.
---------------BBC ONLINE