MUMBAI: Japanese giant Sony Corporation has posted a loss of $ 1 billion for the period ended 31 March, 2009.
The company said that sales decreased and losses were recorded due to factors including the slowdown of the global economy, the appreciation of the Yen and the decline in the Japanese stock market.
The company, in its forecast for the fiscal ending 31 March, 2010, said that it expects to decrease its losses while undertaking further restructuring initiatives.
Sony forecasts revenues for this year to be down six percent to 7.3 trillion yen, with a net loss of 120 billion yen.
The revenues at the company’s movie arm Sony Pictures also fell 16.4 per cent to $7.3 billion. Moreover, the studio’s profit stood at $305 million, which is 48.90 per cent less than that of last year.
Motion pictures revenues decreased primarily due to lower home entertainment revenues of new release and catalog products. This decrease was due to an accelerated contraction in the market, brought on principally by the global economic downturn, as well as fewer films being sold into the home entertainment market in the current fiscal.
The decrease in motion pictures sales was partially offset by higher theatrical revenues driven by the current year’s film slate, which included Hancock, Quantum Of Solace and Paul Bart: Mall Cop.
On the other hand, television revenues were higher in the current fiscal due to increased advertising revenues from several international channels.
While the company posted lower revenues in the home entertainment division, revenues from theatrical were higher. Sony’s games division posted a loss of $597 million.