March 18 (Bloomberg) -- Sony Corp., the world’s second- largest maker of consumer electronics, reduced its planned dividend payment by 15 percent after the global recession forced the company to forecast a record operating loss.

The dividend will be cut to 42.5 yen ($0.43) a share for the year ending March 31, compared with the 50 yen that the Tokyo-based maker of the PlayStation 3 and Bravia televisions projected earlier, Sony said in a statement today. The annual dividend is higher than the 25 yen paid out a year earlier.

The reduced payment will conserve cash as Chief Executive Officer Howard Stringer reduces costs to help Sony weather the global recession. Sony is eliminating 16,000 jobs worldwide and slashing its number of manufacturing sites after projecting a record 260 billion yen operating loss for this fiscal year.

Sony rose 0.4 percent to close at 1,991 yen on the Tokyo Stock Exchange before the announcement. That indicates a dividend yield of 2.1 percent, which is lower than the 2.8 percent average yield in the benchmark Nikkei 225 Stock Average.

The reduction means shareholders will receive 12.5 yen a share as the year-end dividend payment, compared with the 20 yen previously predicted, in May after approval from the board of directors, according to the statement. Sony has already paid out 30 yen a share as an interim dividend.

The new dividend plan reflects “the deterioration of the global business environment,” Sony said in the statement.

To contact the reporter on this story: Hiroshi Suzuki in Tokyo at Hsuzuki5@bloomberg.net.

Last Updated: March 18, 2009 03:29 EDT