23rd January 2009
Sony's first loss in 14 years
Words in the news © British Broadcasting Corporation 2009
One of the world's biggest electronic companies, Sony, is on course for its first annual loss in 14 years. The company blames the global economic downturn and the strength of the yen for a lesser demand for its products. Mariko Oi reports from Singapore:
The Japanese electronic giant Sony has slashed its annual earnings forecast again. It's
expected to report an annual operating loss of almost 3 billion dollars. The company had previously forecast a profit of 2 billion dollars.
If confirmed, this would be Sony's first loss in 14 years, the second only since the company was listed on the Tokyo stock exchange in 1958.
Like other Japanese exporters, Sony is taking a beating from the global slump. The yen's appreciation also means less profit - as the company gets 80 percent of its sales from overseas.
Mariko Oi, BBC News, Singapore
Vocabulary and definitions:
giant - a very large company or organisation
slashed its annual earning forecast - said it is no longer likely to make as much money out of its business during the coming year as it had previously expected
to report - here, to announce, to declare
listed on - admitted for trading/given licence to trade on
exporters - companies that sell their goods in other countries
is taking a beating - is suffering setbacks from, is negatively affected by
global slump - the economic slowdown that is affecting many countries
across the world
appreciation - an increase in value
overseas - abroad, other countries
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