Sony confirms $3.1bn annual loss as strong yen hurts

Japanese electronics giant Sony has reported a loss of $3.1bn (£1.9bn) for the fiscal year ending 31 March 2011.

The net loss was largely due to writing off $4.4bn related to a tax credit booked in the previous quarter.

The company said that a strengthening yen also affected its earnings during the fiscal year.

This is the third successive year Sony has reported a loss. However, it forecast that it will return to profit in the current fiscal year.