Tokyo ( CNN ) -- Sony expects a full year net loss of US $ 2.9 billion , citing tough domestic and global financial conditions . The Japanese electronics company says it is forecasting a net loss of 220 billion yen or US $ 2.9 billion for the fiscal year ending in March 2012 . Previously , Sony expected to make 90 billion yen ( US $ 1.2 billion ) . Releasing its third quarter earnings , Sony says for the quarter ending in December 2011 , it lost 159 billion yen ( US $ 2.06 billion ) . And for the nine months ending in December 2011 , Sony reported a net income loss of 201 billion yen ( US $ 2.5 billion ) . Sony cited a number of factors for the deteriorating outlook , like the appreciation of the Japanese yen and the flooding in Thailand . The release of the grim financial news came just shortly before the first press conference of the soon to be new head of Sony , Kazuo Hirai , and the outgoing CEO and president Howard Stringer .
Sony cites tough domestic and global financial conditions . The company also blames appreciation of the Japanese yen and the flooding in Thailand for losses .