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Sony continues to drown in red ink


Sony continues to drown in red ink


Japanese electronics and entertainment giant Sony says it is looking at an annual net loss the equivalent of 4.9 billion euros.

That is double an earlier forecast and its fourth straight year of losses.

As well as continuing problems with its TV division, Sony has revised its forecast as it is having to write off the value of tax credits it could take against profits. As there are no profits the tax credits become worthless.

Sony’s shares fell further in Tokyo, they have lost almost half their value in just over a year.

Reportedly Sony is to cut about 10,000 jobs worldwide over the next year as it tries to return to profit.

Questioned about that Chief Financial Masaru Kato would not confirm the figure but did say sacrifices are needed to reform the company.

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