Sony: Chief says sorry for forecast

Sony chief executive Kazuo Hirai apologised to investors after the company had forecast a sixth loss in seven years and pledged that his restructuring efforts would fuel long-term growth. “Sorry that we failed to meet shareholders’ expectations,” Hirai said at the company’s annual meeting in Tokyo. “We will bear responsibility to complete restructuring in fiscal 2014, with a strong sense of crisis and without further delay.” Sony has lost 85 billion yen (R9bn) since Hirai became chief executive in 2012 and predicts another 50bn yen loss this year as he struggles to revive the television business. He said he was counting on restructuring, Amazing Spider-Man films, new Xperia smartphones and potential sales of the PS4 in China to revive its fortunes. Sony shares rose 3.7 percent to 1 705 yen in Tokyo. The stock has dropped 6.6 percent this year. – Bloomberg