Updated from 4:32 a.m. EST

Sony

(SNE) - Get Report

said it expects to report a loss of 150 billion yen ($1.7 billion) in the year ending March 31, revising its forecast lower because of a business environment that has deteriorated from the global economic slowdown, the continued strength of the yen, and a rise in expected restructuring charges.

Meanwhile, in a hastily called news conference Thursday at the company's headquarters, Sony CEO Howard Stringer says he will take a pay cut along with other executives and managers while more jobs will be cut in an effort to reduce costs and return to profit.

Sony said last month it would cut 8,000 of its 185,000 jobs around the world and shutter five or six plants -- about 10% of its 57 factories. It would also trim 8,000 temporary workers who aren't included in the global work force tally.

But Stringer said those steps were not enough. Now Sony plans to cut another 1,000 temporary workers in Japan and close one of two domestic TV plants.>P/>Sony also will offer early retirement packages to its regular, full-time workers in an effort to cut 30% of its personnel costs by March 2010. It didn't elaborate or give a specific headcount.

Stringer said he and two other top executives, including President Ryoji Chubachi, will give up their entire bonus. Other executives and managers will see lower pay.

He says Sony faces intense competition from rivals like

Samsung Electronics

,

Apple

(AAPL) - Get Report

and

Microsoft

(MSFT) - Get Report

not only in gadgets but also in network services.

The fiscal-year loss would be the company's first net loss in 14 years.

In October, the Japanese consumer electronics company forecast fiscal net income of 150 billion yen. Last fiscal year, Sony racked up 369.4 billion yen in net earnings.

The company also revised its sales forecast lower by 14% to 7.7 trillion yen from its previous forecast of 9 trillion yen.

Sony said operating income in its electronics segment is expected to be about 340 billion yen lower than its earlier forecast.

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