Sony's annual loss shrinks to $439 million
Sony Corp. stayed in the red last fiscal year but shrank losses through cost cuts and better sales of consumer electronics.
The Tokyo-based company reported a 40.8 billion yen ($439 million) loss for the year ended March 31, an improvement from the previous year's 98.9 billion yen loss. That was Sony's first annual loss in 14 years.
The electronics giant booked 7 percent lower revenue of 7.21 trillion yen but bounced back to an operating profit of 31.8 billion yen after a 227.8 billion yen operating loss the previous year.
Sony expects to climb back into the black in the year through March 2011. It forecasts a net profit of 50 billion yen on revenue of 7.6 trillion yen.