Stringer: restoration of profits is Sony’s top priority

Sony Corporation president Howard Stringer has earmarked the restoration of profits to Sony’s businesses as the company’s top priority. He pointed to the gaming and TV divisions as the two main areas of focus for this drive. More consoles are also being sold, giving Sony a good chance to meet its goals. More in the full article up next.

Sony Corporation chairman Howard Stringer made clear the company’s objectives in their annual shareholders meeting in Tokyo. The top priority, he said, was “to restore profitability in our television and game businesses.”

Stringer did not have a definite timetable as to when that will happen, but he did say the PlayStation brand will post its first annual profit next year. He expects 10 million PS3s and 9 million PS2s to be sold in that period.

Sony lost US$ 3.4 billion from its gaming division in fiscal 2007 and took a big hit on its LCD TV business, spilling US$ 678 million. The company expects sales for both the PS3 and the Bravia lines to accelerate this year.

Fueling the PS3’s comeback trail is the reduction in PS3 costs of production. More consoles are also being sold recently thanks to the increase in game titles coming to the platform.

Despite a drop in share prices at the Tokyo Stock Exchange recently, Sony did not buy back outstanding properties. The drop, experts say, may have been triggered by the stronger yen hurting their exports.

Via Bloomberg