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Sony pins profit hopes on next-generation 3D TVs
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Sony pins profit hopes on next-generation 3D TVs - 19-November-2009, 18:00

Sony aims to finally meet its cherished profitability target in three years by staking a claim in the growing market for next-generation 3D televisions and lithium-ion batteries, the company said today.

The consumer electronics and entertainment giant said it hoped to achieve a 5% operating profit margin by March 2013 and to send its struggling TV and video game businesses back into the black by the end of next year.

Sony reported an annual loss of 98.9bn (664m) last year and expects to lose almost as much again this year, as sales continue to take a battering from the global recession and the strength of the yen. It would be the firm's first consecutive annual loss since it was listed in 1958.

"This is not a one-time or short-term initiative," Sony's chief executive, Sir Howard Stringer, told reporters.

Stringer's sweeping cuts and structural reforms have helped Sony achieve 80% of its 330bn savings target for this year.

The company shed 19,500 jobs - 12% of its global workforce - in the year to the end of September and will reduce the number of production plants worldwide from 57 to 47 by May next year in an attempt to return to profit.

Stringer refused to comment on the prospect of further redundancies and factory closures. "We will continue to be more efficient," he said. "We must be light, speedy and tough."

Sony is setting its sights on a return to profit for its ailing flat-screen TV and video game sectors by March 2011, and to secure a 20% share in the global flat-screen TV market by March 2013.
   
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