Sony's $1.3 bln yearly loss was 18pc higher than forecast

Sony has posted a net loss of 1.3 billion dollars, which is 18 percent larger than the forecast.

The move led to the maker of Xperia smartphones and PlayStation consoles cut earnings for the third time in the past year amid slumping consumer electronics sales.

The losses has led to Sony cut 5,000 jobs, as it is also struggling to come up with new hits as demand for traditional products like televisions, cameras and personal computers declines.

According to the Japan Times, in preliminary earnings reported Sony reported a net loss of 1.3 billion dollars in the 12 months ended March.

That numbers compares with a February loss projection of 110 billion yen, which was itself a reduction from an October forecast of 30 billion yen profit.

The company's full-year operating income was 26 billion yen, about a third of the 80 billion yen projected in February, it added.