Sony Expects Fiscal 2011 Profits

Sony reported a narrower loss of 40.8 billion yen ($437.3 million) for the fiscal year ended in March and said it expects to return to a profit in fiscal 2011.
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TOKYO (

TheStreet

) --

Sony

(SNE) - Get Report

reported a narrower loss of 40.8 billion yen ($437.3 million) for the fiscal year ended in March and said it will return to a profit in fiscal 2011.

Sony reported a year-earlier loss of 98.9 billion yen.

The maker of PlayStation 3 said revenue in the latest fiscal year fell 6.7% to 7.21 trillion yen. Operating profit was 31.8 billion yen compared with an operating loss the previous year of 227.8 billion yen. Sony credited LCD televisions and digital cameras, in part, for helping drive its recovery.

For the fiscal fourth quarter, Sony reported a loss of 56.6 billion yen on revenue of 1.72 trillion yen.

Sony said it expects fiscal 2011 profits of 50 billion yen on revenue of 7.6 trillion yen.

--Reported by Joseph Woelfel in New York.

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