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Sony has made its first financial loss in 14 years, but it's less than expected

Electronics giant Sony has reported its first annual loss in 14 years, but it was less than expected.

A big drop in sales led to a loss of 98.9bn Yen (£685m) for the year to end-March 209, compared with a profit of 369.4bn Yen the previous year.

The company blamed the global recession and the strong Yen for the loss. Worldwide sales were down 12.9 per cent.

Sony previously announced it would be cutting 8000 of its 185,000 worldwide workforce and closing 10 per cent of its factories.

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