Sony reports annual net loss of $440 million

Japanese electronics giant Sony on Thursday announced an annual loss of 40.8 billion yen (440 million dollars), narrowing from a loss of 98.9 billion yen the previous year.

The maker of Bravia televisions, PlayStation game consoles and Cyber-shot cameras forecast a profit of 50 billion yen in the year ending March 2011 as it looks to aggressively launch 3D televisions and related products.

For the financial year just ended, the company reported an operating profit of 31.8 billion yen compared to a loss of 227.8 billion yen in the previous year, which was its biggest ever.

Sony reported its first annual loss in 14 years in fiscal 2008, as the global economic downturn inflicted heavy damage on Japan's high-tech companies.