Cost cuts likely to trim losses at Sony
Source: Agencies |
May 11, 2010, Tuesday
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Print Edition
Print Edition
SONY Corp said yesterday it likely booked a much narrower loss last year thanks to cost cuts and better electronics sales.
Sony expects to post a net loss of 41 billion yen (US$440 million) when it reports earnings on Thursday for the fiscal year ended March 31. The result represents a big improvement from a 98.9 billion yen loss the previous year.
The Tokyo-based company, which has businesses spanning video games, gadgets, music and movies, also said it bounced back to an operating profit of 32 billion yen, in line with analyst expectations, after a 227.8 billion yen loss a year earlier.
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. His efforts appear to be paying off, with the company leaner and more united as it prepares to launch a big 3D push this year.
In a previous forecast in February, Sony projected an annual net loss of 70 billion yen and an operating loss of 30 billion yen.
Sony expects to post a net loss of 41 billion yen (US$440 million) when it reports earnings on Thursday for the fiscal year ended March 31. The result represents a big improvement from a 98.9 billion yen loss the previous year.
The Tokyo-based company, which has businesses spanning video games, gadgets, music and movies, also said it bounced back to an operating profit of 32 billion yen, in line with analyst expectations, after a 227.8 billion yen loss a year earlier.
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. His efforts appear to be paying off, with the company leaner and more united as it prepares to launch a big 3D push this year.
In a previous forecast in February, Sony projected an annual net loss of 70 billion yen and an operating loss of 30 billion yen.
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