Sony hit with yet another annual loss, warns of more to come

Sony Corp said it would step up a broad restructuring this year to tackle bloated costs and exit some unprofitable businesses, hoping to put behind it years of persistent losses. The Japanese consumer electronics giant, which warned on Wednesday of a second consecutive net loss for this financial year, is struggling to recover after being undercut by nimbler Asian rivals in its key markets. Domestic peer Panasonic Corp, by contrast, has turned around its business by embracing industrial products and pursuing more corporate clients rather than consumers. Sony said it would spend 135 billion yen ($1.32 billion) on restructuring in the year to March 31, adding to the 177.4 billion yen it spent in the previous year, as it sells off its loss-making Vaio PC and disc storage businesses.