Sony Corp., the parent company of Sony Music, announced Thursday it is expecting a larger than predicted loss of $1.27 billion (￥130 billion) for the financial year to March, up from the $1.1 billion loss forecast the company made in February.
The entertainment to electronics conglomerate said the loss is down to costs incurred in pulling out of the computer business, as well as higher impairment charges on its disc manufacturing operations outside Japan.
Sony is predicting slightly higher sales for the year at $76 billion (¥7.77 trillion), up 0.9 percent from its February forecast.
Sony did not address current forecasts for its film unit in Thursday's statement.
Amazing Spider-Man 2, Sony Picture's big hope for the summer had opened in 42 territories by last weekend, taking $132 million, including a solid $4.2 million two-day opening in Japan. Marc Webb's sequel opens in the U.S. on Friday.
Full-year financial results will be announced at the company's Tokyo headquarters on May 14.
This article was originally published on THR.com.