Tokyo: Sony Corp.’s results offered tangible proof a restructuring at the electronics maker is starting to pay off as it halved its annual loss forecast on a rebound in flat-TV business and cost cuts.
Sony, led by chief executive Howard Stringer, posted an operating profit of 146.1 billion yen (around Rs7,400 crore) for the December quarter, against a loss of 17.96 billion yen a year earlier. Net profit increased 8 times to 79.2 billion yen while sales rose 3.9% to 2.24 trillion yen. For the full year to 31 March, Sony cut its operating loss forecast to 30 billion yen from 60 billion yen. The new outlook compares with a 227.78 billion yen loss last business year.
Sony shares closed down 2.2% at 3,075 yen each ahead of the results, underperforming the Tokyo stock market’s electrical machinery index, which fell 1.3%. Sony shares have gained 18% over the past three months, while the subindex put on 8%.