Sony warns shareholders to expect loss

Sony warns shareholders to expect loss

Sony has announced it will go through a large restructuring this year to bring results back up to a higher level. The Japanese company has however warned that those investments will cause another loss this year.

Sixth year of losses in seven years

Sony has announced it will invest 135 billion yen (970 million euro) in a restructuring plan this year, on top of the 177.4 billion yen (1.27 billion euro) it spent last year. It has also sold onerous divisions, like that of the Vaio laptop.

 

The expenses mean Sony estimates to have a 50 billion yen loss (360 million euro), a sixth year of losses in 7 years' time. Sony had to take a 128.4 billion yen (920 million euro) hit last year.

 

No bonuses

CFO Kenichiro Yoshida says he hopes to finish the restructuring plan this year and that Sony will have to take the hit this year, which also means the board will have to take part in the restructuring plan. CEO Kaz Hirai has allegedly accepted a 50 % wage cut and the rest of the board will not receive any bonuses. 

 

Yoshida expects Sony's electronics division to turn to a profit, for the first time in 4 years, mainly because the television branch will be put in a separate division within the company.

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