Retail in Asia

In Trends

Sony sees return to profit after record annual loss

Japanese consumer electronics giant Sony posted a record net loss of USD5.74 billion last year, but expects a return to profit this year as it trims losses in its TV business.

Under new CEO Kazuo Hirai, Sony is slashing costs and jobs in a bid to turnaround its struggling TV unit. While considering partnerships to help Sony compete better in TVs, Hirai is looking to cameras, gaming and smartphones to spur growth.

Sony expects operating profit of JPY180b (USD2.25b) in the year to next March, compared with a consensus estimate of JPY173b among 18 analysts surveyed by Thomson Reuters I/B/E/S. In the year just ended, Sony posted an operating loss of JPY67.3b. It forecast a full-year net profit of JPY30b.

(Source: CNBC)