By Jonathan Davies

Sony has issued another profit warning as it expects to make much deeper losses than forecast.

The Japanese tech giant expects to make a loss of ¥230bn (£1.5bn) for the financial year, which ends 31 March 2015. Sony initially forecast losses of ¥50bn (£290m).

It cut its forecast for mobile phone sales as the likes of Apple and Samsung continue to dominate the global market.

Sony said its plans were "modified to address the significant change in the market and competitive environment of the mobile business."

In May, Sony said it wouldn't be profitable until 2015 when it announced the ¥50bn forecast after having just reported losses of ¥125bn (£773m). But the deeper losses expected this year will come as a huge blow and could set the company back even further.

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