COMPANY TOWN ANNEX

Sony Corp. Posts Big Loss: The Japanese consumer electronics maker said its annual profit dropped significantly as a result of a $3-billion write-off on its 1989 acquisition of Columbia Pictures. The company said it lost $3.37 billion, or $8 a share, for the year ended March 31, contrasted with a $175.86-million profit for the year-earlier period. Sales rose 6.7%, to $44.75 billion from $42.87 billion, the company said. Fierce price competition in audio and video products created an “exceptionally rigorous operating environment,” while the surging strength of the yen sliced into earnings by forcing the company to trim margins, Sony said. Also contributing to the loss was a 14.1% decline in sales by Sony’s movie subsidiary. If the value of the yen had remained constant against other major currencies during the year, sales would have been $2.13 billion higher, Sony estimated.