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Sony's future looks brighter than ever, says CEO

Speaking at a shareholders meeting in Tokyo, Sony CEO Howard Stringer has declared that the company's fortunes are set to turn around despite recent losses and the costs incurred by producing a new games console.

Speaking at a shareholders meeting in Tokyo, Sony CEO Howard Stringer has declared that the company's fortunes are set to turn around despite recent losses and the costs incurred by producing a new games console.

"As of the year ending March 31, 2006, we are on target with all the tracking plans," Stringer told the meeting.

"If we deviate at all, we will make changes necessary to achieve those targets, recognising there is a dynamic and competitive environment out there in which we operate."

"We have entered a period of re-emergence," he added.

Sony posted a 66.5 billion Yen (455 million Euro) loss for January-March 2006 - compared to 56.5 billion Yen (387 million Euro) during the same period last year. The company's games division posted a profit, but Sony predicts a year-end loss of 100 billion Yen (685 million Euro) due to R&D and start-up costs incurred by the PS3.

Overall, however, Stringer believes Sony is on track to meet its target for fiscal year 2007 and generate a company-wide operating profit of 5 per cent - up from 2.6 per cent last year.

At the same meeting, Sony Computer Entertainment boss Ken Kutaragi said that the company expects to sell 100 million PS3s "over the next several years" - echoing comments made recently by SCEA executive Jack Tretton.

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Ellie Gibson

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Ellie spent nearly a decade working at Eurogamer, specialising in hard-hitting executive interviews and nob jokes. These days she does a comedy show and podcast. She pops back now and again to write the odd article and steal our biscuits.