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Sony still on target for 10 per cent return on equity

Chairman Howard Stinger confident the electronics giant can recover from setbacks

Sony's chairman, Howard Stringer, has said the company will maintain its target of achieving 10 per cent return on equity three years from now, despite slashing its earnings forecast.

The world's second-largest consumer-electronics maker, said in June that it will raise its return on equity to 10 percent in the year ending March 2011. The target is almost double the average for Sony in the past five years, according to Bloomberg.

"I have to offset the losses that the yen created so that we can get the company back on target along the target of 2010 which I intend to keep,'' Stringer said at the Nikkei Global Management Forum in Tokyo.

This news comes after Sony saw its share price drop 14 per cent, following the drastic move to slash its earnings forecast by 57 per cent.