Sony reports unexpected quarterly loss
Xamar Radio
Sony Corp has reported an unexpected quarterly loss due to a weak stock market, but predicts better-than-expected profits this year.

The company posted an operating loss of 4.7 billion yen ($45 million) in the first three months of the year, which showed an improvement from a 113 billion yen loss in the same period last year.

The quarterly loss was largely due to a slide in the value of securities held by Sony's financial division.

Sony said it expects its operating profit to reach 450 billion yen in the year to March 2009 following the sales promotion of digital cameras and flat TVs. The company also sees revenues rising 1 percent to 9 trillion yen.

Japanese exporters like Sony have faced tough business conditions as the strength of the yen against the dollar makes their products more expensive overseas.

For the year to the end of March, Sony saw its operating profit grow five times to 374.5 billion yen, but the result still missed the company's January forecast of 410 billion yen.