(Corrects paragraph 1 to ... 2008/09 ..., not ... 2007/08 ...
and paragraph 3 to ... 2007/08 ..., not ... 2006/07)
(Adds share price details, background in paragraphs 8-9)
NEW YORK Jan 12 Sony Corp (6758.T) is expected
to post an operating loss of about 100 billion yen ($1.1 billion)
for 2008/09, the Nikkei business daily reported, far short of the
company forecast for a profit of 200 billion yen.
The operating loss -- Sony's first in 14 years -- could be
double that, depending on inventory conditions in the
January-March quarter, the Nikkei said it had learned.
In October, Sony forecast a full-year operating profit of 200
billion yen for the year to March 31, down from 475.2 billion yen
The maker of Bravia flat TVs and PlayStation 3 video game
consoles said in December that it would cut 16,000 jobs, curb
investment and pull out of some businesses to save $1.1 billion a
year as the global recession hits demand for its products.
The loss would be only the second since Sony went public in
1958 and the first caused by troubles in its mainstay electronics
business, the Nikkei said.
A one-time charge related to the company's U.S. film studio
business was primarily responsible for the previous operating
loss, reported for the year ended March 1995, it said.
Apart from restructuring charges and possible further losses
on exchange rates, Sony is expected to write down roughly 50
billion yen of its holding in Sony Life Insurance Co, the
Sony shares (SNE.N) fell 1.5 percent at $23.20 on the New
York Stock Exchange early Monday afternoon.
Many analysts expect Sony to undertake further restructuring
steps, but the company earlier this month denied a report in the
Times of London newspaper that it planned to announce closures of
Japanese factories and major divisions next month.
(Reporting by Ted Kerr; editing by Gunna Dickson, Richard
Chang) ((email@example.com; +1 646 223 6335; Reuters