Tax expenses hit Sony, co sees record $6.4 bn net loss

Sony Corp said on Tuesday it will post a record net loss for the year that ended March 31 of 520 billion yen, more than double a February forecast as a result of additional tax expenses.

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The consumer electronics company, said, however, it plans to return to an operating profit this financial year, forecasting a profit of 180 billion yen after an estimated loss of 95 billion yen for the year just ended.

On Monday, the company said it plans to layoff around 10,000 employees in a bid to turnaround its operations.

Reuters