OREANDA-NEWS. Sony Corporation announced its consolidated financial results for the fiscal year ended March 31, 2014 (April 1, 2013 to March 31, 2014).

Sales and operating revenue ("sales") were 7,767.3 billion yen (75,410 million U.S. dollars), an increase of 14.3% compared to the previous fiscal year ("year-on-year"). This increase was primarily due to the favorable impact of foreign exchange rates, the launch of the PlayStation(r)4 (PS4(tm)), as well as a significant increase in sales of smartphones. On a constant currency basis, sales decreased 2% year-on-year.

Operating income decreased 200.0 billion yen year-on-year to 26.5 billion yen (257 million U.S. dollars). This significant decrease was primarily due to a year-on-year decrease in gains on the sale of assets and remeasurement gains (see below), a recording of 91.7 billion yen (890 million U.S. dollars) in losses related to the PC business, including restructuring charges, compared to 38.6 billion yen in PC business-related losses recorded in the previous fiscal year, and a recording of impairment charges in the battery business and in the disc manufacturing business.

Income before income taxes decreased 216.3 billion yen year-on-year to 25.7 billion yen (250 million U.S. dollars). Income taxes: During the current fiscal year, Sony recorded 94.6 billion yen (918 million U.S. dollars) of income tax expense, and Sony's effective tax rate exceeded the Japanese statutory tax rate.

During the current fiscal year, Sony Corporation and certain of its subsidiaries which had established valuation allowances incurred losses and, as such, Sony continued to not recognize the associated tax benefits, although this was partially offset by the recording of certain tax benefits associated with the impact of gains in other comprehensive income. Sony also recorded additional tax reserves during the current fiscal year.

Net loss attributable to Sony Corporation's stockholders, which excludes net income attributable to noncontrolling interests, was 128.4 billion yen (1,246 million U.S. dollars) compared to net income of 41.5 billion yen in the previous fiscal year.