Japanese electronics giant Sony has succeeded in halving its net loss for the fiscal year 2009, largely thanks to significant cost-cutting. The company also forecast a return to profit in the current financial year.
Sony said it made a net loss of 40.8bn yen (US$439m) for the year to the end of March 2010, which represents a significant narrowing on the 98.9bn yen net loss it reported last year.
Overall revenue for the year to March declined by almost 7pc to 7.21trn yen, which Sony said was primarily due to a 20pc fall in the sale of consumer products.
Sales at the group’s mobile division Sony Ericsson also had a bad year, plunging 37pc.
However, Sony’s music sales rose 35pc year-on-year, thanks to a number of strong new releases, including Susan Boyle’s album I Dreamed a Dream and music collections from the hit US TV show Glee, along with strong sales of Michael Jackson’s back catalogue and Michael Jackson’s This is It soundtrack.
The electronics group, which makes the popular PlayStation 3 gaming console, Vaio laptops, the Sony Reader and Bravia televisions, has forecast a profit of 50bn yen for its fiscal year ending March 2011.
The company also said it plans to “aggressively” launch 3D-related products, network services and other new businesses as it targets future growth.
Photo: The cast of the hit US TV show Glee, whose soundtrack proved a strong seller for Sony in 2009/2010
Article courtesy of Businessandleadership.com