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Sony targets return to profitability after record $us5.7 billionloss last year by wgre ethbtn
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Sony targets return to profitability after record $us5.7 billionloss last year by WGRE ETHBTN
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| Article Posted: 10/28/2012 |
| Article Views: 52 |
| Articles Written: 1205 - MORE ARTICLES FROM THIS AUTHOR |
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Sony targets return to profitability after record $us5.7 billionloss last year |
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Business,Business News,Business Opportunities
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Sony closed the books on its worst year ever on Thursday, whilealso targeting a slight profit for the current period, which wouldbe its first since 2008. The electronics company said it booked a net loss of 457billion (US$5.7 billion) for the fiscal year through March,slightly better than a forecast it made last month, but stillSony's deepest loss since it was founded in 1946. While a large portion of the massive loss is from tax concerns andother one-off charges, the company said overall sales slipped 10percent to 6.5 trillion, with deep declines in the U.S. andEurope. Sony's official announcement of its results for last fiscal yearmarks the end of its time under former CEO Howard Stringer.
Thecharismatic former television executive ran the company for sevenyears, cutting jobs and closing factories to streamline operationsand bring it back to profitability before it was hit by a series ofobstacles including a hacking crisis, last year's massiveearthquake and tsunami, and flooding in Thailand. The Tokyo-based firm's decline, which has mirrored that of otherdomestic electronics makers, has come as it is eclipsed by foreigncompetitors like Apple and Samsung. In addition to being weigheddown by its loss-making TV business, Sony has in recent yearsfailed to come up with the hit products that fatten margins andgenerate buzz and loyalty among consumers. Last year, Sony said its bottom line was hurt by falling incomefrom many of its core products, including TVs, PCs, digital camerasand its gaming consoles.
It did record continued profits in itsmovie and music divisions, which benefitted from cable TV shows aswell as hit albums from artists like Beyonce and Pitbull. Incoming CEO Kazuo Hirai, who officially took his new post onWednesday, has been actively working to implement his vision forthe company, which includes a focus on the core electronics thatbuilt its legacy and on online platforms that link its variousproduct groups. Hirai outlined his vision for Sony in a Tokyo pressconference last month, a plan that includes a reduction of globalhead count by 10,000, or about 6 percent of the total. Sony said Thursday that for the current fiscal year through March2013 it aims for a net profit of 30 billion, while increasingsales 14 percent from the latest result. It said it would look toturn around its struggling TV business with a focus on profits overunit sales, and expected a strong recovery from last year'searthquakes and Thai floods.
For the January-March quarter, Sony said losses were slightly lessthan a year earlier, which included the period after the March 11earthquake and tsunami that flattened portions of Japan's northeastcoast. Like many Japanese companies, Sony's fiscal year runs from April toMarch. I am Textiles & Leather Products writer, reports some information about polyester yarn china , nylon lycra fabric.
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