Sony has revised its consolidated results forecast for the fiscal year ended March 31, 2012 from that expecting a record $6.4 billion net loss.
Sony expects to record an aggregate additional charge of approximately 300 billion yen in tax expense in the fourth quarter of the fiscal year, primarily due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S. This additional tax expense is a non-cash charge and does not have any impact on Sony?s consolidated operating income (loss) or cash flow.
Due to the recording of this additional tax expense, net loss attributable to Sony?s stockholders is expected to be significantly greater than the company's February forecast.
In a bid to ease investor concerns, the Japanese consumer electronics giant said it would bounce back and make an operating profit in the current year of 180 billion yen.
Sony is
reportedly planning to axe 10,000 jobs according to media reports this week. The company has been hammered by weak demand for its televisions and competition from rivals such as Samsung.