Sony Corp.’s (SNE) Quarterly Loss Narrows

With its fourth quarter net loss going down by two-thirds from last year’s level, Sony Corp. (ADR) SNE, the Japanese consumer-electronics and entertainment giant, forecast Thursday, a return to profit in the current fiscal year. Sony has high hopes of improving its bottom-line in part from the launch of new 3D TVs and 3D-enabled games due out this summer. Sony’s net loss for the three months ended March 31 narrowed to 56.6 billion yen ($608 million), down from 165.1 billion yen a year earlier. Higher sales of imaging sensors, LCD panels and products related to its gaming business increased the quarterly revenue by 12.5% to 1.72 trillion yen. However, the sales of Bravia LCD televisions proved disappointing. Sony’s Chief Executive, Howard Stringer, has led a drive to reduce costs by trimming staff, closing some factories and outsourcing production to contract manufacturers. Sony’s ADRs on the New York Stock Exchange were down by 2.83% to $32.30 in trading at 10.31 a.m.