Sony said Thursday it lost $1.06 billion in its last fiscal year, but the struggling electronics giant added that it expected to swing to a profit this year as it overhauls its vast business.

The company's net loss for the year to March was 125.98 billion yen, slightly down from a loss of 128.37 billion a year ago.

It expects a net profit of 140 billion yen in the current fiscal year to March 2016.