12 May 2012

Sony announces record loss

5:34 am on 12 May 2012

Japanese electronics maker Sony has reported a record annual loss as natural disasters last year and a strong yen hurt its earnings.

The firm, which once made the coveted Walkman and Playstation, reported a net loss of 456.7 billion yen ($US5.7 billion) for the year ending March as it struggles against the rise of competitors like Apple and Samsung.

The company said falling demand from developed markets also affected its earnings, the BBC reports.

However, it forecast a profit of 30 billion yen for the current financial year.