logo
Share SHARE
FONT-SIZE Plus   Neg

Sony Expects To Take Addl. Charge Of About 300 Bln Yen In Tax Expense In Q4

Sony Corp. (SNE) said it expects to record an aggregate additional charge of around 300 billion yen in tax expense in the fourth quarter of the fiscal year ended March 31, 2012, primarily due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S. This additional tax expense is a non-cash charge and does not have any impact on Sony's consolidated operating income, or loss, or cash flow.

Due to the recording of this additional tax expense, the company is revising its net loss attributable to Sony Corp.'s stockholders forecast for the fiscal year ended March 31, 2012. Net loss attributable to Sony Corp.'s stockholders is now projected to be significantly greater than the February forecast.

The company now expects full-year net loss attributable to Sony Corp.'s stockholders of 520 billion yen, compared to the earlier net loss forecast of 220 billion yen. However, Sony reaffirmed its sales and operating revenue outlook of 6.4 trillion yen.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks. Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.
comments powered by Disqus
Follow RTT