Sony projects wider loss for year

Sony reported a quarterly net loss of 159 billion yen (€1.56bn) today for the October-December quarter as weak TV sales, a strong currency and the disruption in production from flooding in Thailand cut into its earnings.

The Japanese electronics and entertainment company also revised upward its expected loss for the full fiscal year through March to 220 billion yen (€2.1bn) from an earlier forecast of 90 billion yen (€895m).

The results were released a day after Sony announced that Kazuo Hirai, who leads the company’s core consumer products business, will replace Howard Stringer as chief executive and president from April 1.