Sony refuses to acknowledge $1 billion loss reports

By Patrick Avenell

SYDNEY: Sony’s head office in the United States has hit out at media reports that the company is primed to announce its first operating loss in 14 years. In a statement released on the group’s American website, the company subtly infers that such reports are based on speculation, rather than fact.

Over the past 24 hours, reporters for Reuters, Bloomberg and MarketWatch have posted stories under headlines including “Sony seen posting first op (sic) loss in 14 years”, and variations on that theme. The Reuters article estimates the loss to be “about 100 billion yen ([US]$1.1 billion)” (their conversion).

In response, Sony posted the following laconic release on its global investor relations microsite.

“Sony understands that a story appeared in the media regarding Sony’s expectations on operating results for the fiscal year ending March 31, 2009. Sony has made no announcement in this regard and at this time has no further comment.”