Sony loss shrinks to US$439m
By Tomoko A. Hosaka |
May 14, 2010, Friday
|
Print Edition
Print Edition
SONY Corp stayed in the red last business year but predicts a return to profit as restructuring and an aggressive 3D rollout bear fruit.
The Tokyo-based company yesterday reported some progress toward profitability, booking a 40.8 billion yen (US$439 million) loss for the year ended March 31. That's an improvement from the previous year's 98.9 billion yen loss, which was Sony's first annual loss in 14 years.
The electronics and entertainment giant credited LCD televisions and digital cameras, as well as a broader global recovery, for helping drive its turnaround. It also cited its life insurance unit, where revenue surged 58 percent.
"We began to see improvements gain momentum from the second half last year," said chief financial officer Nobuyuki Oneda.
Sony expects to climb back into the black in the year through March 2011. It forecasts a net profit of 50 billion yen on revenue of 7.6 trillion yen.
Since taking over in 2005, Chief Executive Howard Stringer has been trying to unite the company's sprawling businesses, improve efficiency and rein in costs.
Sony beat its own targets and cut costs by more than 330 billion yen last year, it said. Procurement costs have declined almost 20 percent, and it has shut 11 plants since December 2008.
The efforts appear to be working, with the company leaner and more united as it makes a big 3D push this year.
The Tokyo-based company yesterday reported some progress toward profitability, booking a 40.8 billion yen (US$439 million) loss for the year ended March 31. That's an improvement from the previous year's 98.9 billion yen loss, which was Sony's first annual loss in 14 years.
The electronics and entertainment giant credited LCD televisions and digital cameras, as well as a broader global recovery, for helping drive its turnaround. It also cited its life insurance unit, where revenue surged 58 percent.
"We began to see improvements gain momentum from the second half last year," said chief financial officer Nobuyuki Oneda.
Sony expects to climb back into the black in the year through March 2011. It forecasts a net profit of 50 billion yen on revenue of 7.6 trillion yen.
Since taking over in 2005, Chief Executive Howard Stringer has been trying to unite the company's sprawling businesses, improve efficiency and rein in costs.
Sony beat its own targets and cut costs by more than 330 billion yen last year, it said. Procurement costs have declined almost 20 percent, and it has shut 11 plants since December 2008.
The efforts appear to be working, with the company leaner and more united as it makes a big 3D push this year.
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