Sony Corp., world's second-largest LCD TV manufacturer after Samsung said on Tuesday that it would sell 90 per cent stake in Sony Baja California to Taiwanese Hon Hai Precision Industry Co., in a move to curtail massive losses.

Sony Corp. reported a net loss of ¥37.1 billion for the April-June period as compared with a net profit of ¥35.0 billion in the previous year.

Sony Baja California is located in Tijuana, Mexico and has a workforce of around 3,300.

Taiwanese Hon Hai Precision Industry Co is known for manufacturing gadgets such as Nintendo Co's Wii and Apple Inc's iPhone.

Sony Corp. reported a net loss of ¥37.1 billion for the April-June period as compared with a net profit of ¥35.0 billion in the previous year.

For the running fiscal year ending March, Sony is expecting a net loss of ¥120 billion.

Under the other cost saving measures Sony is closing a number of plants worldwide, hacking around 16,000 jobs.

In the recent trading, Sony shares closed at 2,510 yen, down 0.2 per cent.