Japanese electronics giant Sony today has said it expects to return to profit in the current financial year on the back of tough restructuring measures and a pick-up in demand.
The maker of Bravia televisions, PlayStation game consoles and Cyber-shot cameras forecast a profit of 50 billion yen in the year ending March 2011 as it looks to aggressively launch 3D televisions and related products.
For the financial year just ended, the company reported an operating profit of 31.8 billion yen compared to a loss of 227.8 billion yen in the previous year, which was its biggest.
Sony announced an annual loss of 40.8 billion yen ($440m) for the past year, narrowing from a loss of 98.9 billion yen previously.
The electronics giant has been forced to undergo major restructuring - slashing jobs, selling facilities and turning to suppliers for parts - after seeing losses pile up due to evaporating demand amid the financial crisis. However, demand has begun to pick up as the global economy recovers.
Sony reported its first annual loss in 14 years in fiscal 2008, as the global economic downturn inflicted heavy damage on Japan's high-tech companies.
