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Sony on target for 5% profit

Sony Corporation's CEO, Howard Stringer, has told reporters in Tokyo that the company is still on course to post a 5 per cent operating profit in its fiscal year, which ends in March.

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News by Phil Elliott Contributor
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Sony Corporation's CEO, Howard Stringer, has told reporters in Tokyo that the company is still on course to post a 5 per cent operating profit in its fiscal year, which ends in March.

According to a report on CNN Money he stated that the company hasn't yet identified which projects will benefit from the Sony Financial IPO, which raised USD 2.8 billion in October this year.

But crucially the company's electronics sales haven't been affected but the "dodgy" economic slowdown in the US, and that the company had no plans to sell off any of its entertainment subsidiaries.

Stringer went on to identify the PlayStation Network as one of the Corporation's key focus points for the coming year, and stated that the company planned to allow content from external developers - although there were no further details on whether that referred to the launch of PlayStation Home, or the existing Network operation.