Sony posts a record £209m loss despite increase in sales

JAPANESE ELECTRONICS GIANT Sony has reported a record £209m first fiscal quarter 2012 loss, despite having forecast profits earlier this year.

Although revenues perked up for the company, Sony posted its largest quarterly loss of £209m, making 2012 the fourth consecutive year of losses. Sony said its drop in income was because of a strong Japanese Yen which affects its overseas earnings.

Still, business isn't looking as bad for Sony as it did this time last year. The firm reported a healthy £12.6bn in sales for the three months ending 30 June, which it credited somewhat to ditching Ericsson to bring Sony Mobile fully into the company. Sales of mobile products increased 132.9 per cent year-on-year, although the division still brought home a £229m loss.

In gaming, Sony posted another £28.9m loss, as sales of its Playstation 3 continued to slow. Sales of the firm's LCD TVs also continued to drop, resulting in loss of £81m.

Thanks to its not-so-great fiscal first quarter 2012 results, Sony has downgraded its operating profit forecast for the year from £1.47 billion to £1,068 billion.

However, Sony said it's expecting to return to the black for the fiscal year through March 2013 with a 20 billion yen ($256 million) profit. µ