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Sony warns of big annual loss

Sony warns of big annual loss
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Sony has said it expected to post a 2.3 billion euro net loss for the year up to the end of March – due to having to write some tax credits.

It was the latest problem for the consumer electronics giant following the devastating Japan earthquake in March which damaged several of its plants and a series of computing hacking attacks that affected more than 100 million of its

video game users accounts.

The annual net loss would be Sony’s second-largest ever, underscoring the decline of a company once a symbol of Japan’s electronic and manufacturing excellence.

The firm surprised markets on Monday by declaring the need to update investors with revised estimates ahead of its official earnings report on Thursday.

Sony said it expected sales to rise this year and forecast a return to net profit, without elaborating.

Some analysts saw the revisions as a way for Sony to put the slew of bad news behind it and start with something of a clean slate.

Many of Sony’s rivals, including Panasonic, have yet to issue forecasts for the current year due to uncertainty following the disaster