Sony Corporation has announced that it expects significantly smaller losses this year due to cost-cutting and better electronics sales. Sony stated that it anticipates a net loss of 41 billion yen ($440 million) as it released its earnings on Thursday for the fiscal year that ended on March 31.
The results show a significant improvement compared to the net loss of 98.9 billion yen last year. The company also announced that it achieved an operating profit of 32 billion yen after recording a loss of 227.8 billion yen the previous year. Since taking over the management of the corporation in 2005, Howard Stringer has been trying to increase efficiency and reduce costs, reported the NY Times. His efforts appear to be paying off as the corporation recovers and is better prepared for a major breakthrough in 3D technology this year. Sony stated that prices for electronics, including LCD televisions, have not fallen as much as expected. The corporation has also managed to make larger cuts in manufacturing operational costs. It also announced that Vaio computers and gaming products have sold well. Its insurance unit has benefited from the increase in the value of its portfolio. (Z. S.)
