Sony admits it will post a big loss

Tough times for Japanese giant

Sony has told the market that it is now expecting to post a £1.9 billion net loss for the last financial year.

The electronics giant has admitted that earlier predictions of a (£527m) 70 billion yen profit had been confounded by Japanese tax credits.

The 260 billion yen net loss is another bit of bad news for Sony, a company that has suffered a torrid time of late.

Annus horribilis

As well as the horrific Japanese earthquake, the company has also suffered from the well-publicised PSN outage and the loss of customers' personal details.

Sony has estimated that the quake has cost them 150 billion yen (£1.13 billion) and that the known costs of the outage amount to over £100 million.

The final earnings report will be made on Thursday, but 2011 is proving to be something of an annus horribilis for the company.

However, there it potentially light at the end of the tunnel, with the company's eagerly awaited PSP 2 - codenamed the NGP - arriving later in the year, and the growth of 3D handing a timely boost across Sony's myriad business interests.

Via Reuters

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Patrick (Twitter) is Global Editor-in-Chief for techradar, and has been with the site since its launch in 2008. He is a longstanding judge of the T3 Awards, been quoted or seen on everything from the The Sun to Sky News and is on the #CoolBrands Council. He started his career in football, making him one of approximately one journalists to have covered both a World Cup final and an iPhone launch.