Sony targets profitability by fiscal 2013
Corporation says it has already achieved 80% of planned $3.7 billion cost savings
Sony Corporation has targeted the end of March, 2013, for a return to profitability, according to a statement with a 10 per cent return on equity expected by that date.
The company has already achieved 80 per cent of its planned cost savings this year, which when complete will total JPY 330 billion (USD 3.7 billion), and will focus its efforts on it three core business segments of TV, game and digital imaging.
In the PlayStation space the corporation wants a return to profitability for the fiscal year ending March 2011, while it plans to generate higher revenues by further cost reductions, greater hardware and software sales and the development of PlayStation Network services.
Meanwhile the LCD business is expected to be profitable in the same time frame, targeting a 20 per cent market share, while the company is looking to maintain its market-leading position in the digital imaging space.
Among its plans for new business growth is the 3DTV space, with plans to launch "3D-related products for the home, including TV, Blu-ray Disc players/recorders and 3D gaming on PlayStation 3 in the fiscal year ending March 31, 2011."
The corporation's share price was down 2.2 per cent to JPY 2470 (USD 27.73) at the close of the Tokyo Stock Exchange today.