Sony Corp. stayed in the red last business year but reduced losses through cost cuts and better sales of consumer electronics.
Sony reported Thursday a ¥40.8 billion loss for the year that ended March 31, an improvement from the previous year’s ¥98.9 billion loss — its first annual loss in 14 years.
The electronics and entertainment giant booked 7 percent lower revenue of ¥7.21 trillion. But it bounced back to an operating profit of ¥31.8 billion after a ¥227.8 billion operating loss the previous year.
Sony credited LCD televisions and digital cameras for helping drive the company’s recovery. It also cited its life insurance unit, where revenue surged 58 percent.
For the January-March quarter, Sony posted a net loss of ¥56.6 billion on revenue of ¥1.72 trillion.
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 3-D push this year.
Sony expects to climb back into the black in the year through next March. It forecasts a net profit of ¥50 billion on revenue of ¥7.6 trillion.
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