Sony reported a wider net loss and lower sales for its fiscal year and fourth quarter, but predicted a turnaround in the upcoming fiscal year.
The net loss for the year ended March 31 was $3.12 billion (259.6 billion yen) higher than the 40.8 billion yen loss of the prior year, as Sony indicated when it projected the loss a couple of days prior to this report.
Sony is projecting a 4.4 percent increase in sales and operating revenue in its fiscal year ending March 31, 2012 and net income of 80 billion yen, as compared to its loss of 259.6 billion yen for this fiscal year.
Operating income for the year just ended was $2.407 billion or 199.8 billion yen, up 168 billion yen year-on-year.
Sales were 7.18 trillion yen, or $86.5 billion, down 5 percent from the prior year.
In the fourth quarter the net loss was $4.68 billion or 388.8 billion yen, a deterioration of 332.2 billion yen from last year’s final quarter. The operating loss was $884 million or 73.4 billion yen, a deterioration of 17.3 billion yen year on year.
Sales in the fourth quarter fell 7.8 percent to $19.04 billion or 1.58 trillion yen.
In its Consumer, Professional & Devices (CPD) segment sales and operating revenue for the year were up 1.6 percent to $43.0 billion, or 3.57 trillion yen. Operating income was $35 million, or 2.9 billion yen, reversing a 53.2 billion loss from the prior year.
Sales increased during the year for the segment due to higher LCD TV sales. LCD TVs hurt operating results due to lower unit selling prices and unfavorable exchange rates despite higher unit sales.
In its Networked Products & Services (NPS) segment sales were up 0.4 percent to $19.0 billion or 1.57 trillion yen for the year. Operating income for the segment during the fiscal year was $429 million, or 35.6 billion yen, compared with a loss of 83.3 billion yen in the prior year. Sales in the segment increased mainly due to PCs and cost reductions in PlayStation 3 hardware and higher unit sales of PS3 software helped operating income.
In its next fiscal year CPD segment Sony expects sales to increase year-on-year, despite the negative impact of the earthquake, due in part to higher sales in LCD TVs.
In its NPS segment sales are expected to increase year-on-year in its next fiscal year primarily due to higher sales in the game business, PCs and network services.