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Sony Projects Major Net Loss

5/23/2011 09:51:33 AM Eastern

Tokyo - Sony said today it expects to post a net loss of 260 billion yen, or about $3.1 billion, in its fiscal year ended March 31, when it reports its full fiscal year statement on Thursday.

Its February forecast was for net income of $856 million (70 billion yen) for the fiscal year.

This is due to the write-off of $4.4 billion (360 billion yen) against deferred tax assets at Sony Corporation and its group companies subject to consolidated taxation in Japan.

Sony still projects operating income of 200 billion yen and sales and operating revenue of about 7.2 trillion yen, as predicted in February.

The company estimates that the Japanese earthquake and tsunami impacted sales for the fiscal year by $269 million (22 billion yen) and operating income by $207 million (17 billion yen).

The financial impact of the unauthorized access to the PlayStation Network, Qriocity and Sony online Entertainment network services that occurred this April on Sony for the fiscal year ending March 2012 is estimated at $171 million (14 billion yen) on the consolidated operating income level.

Sony said that it has not received any confirmed reports of customer identity theft issues, nor confirmed any misuse of credit cards from the cyber attack. Those are key variables and if they change the costs involved may change, the company said.

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