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Sony sees return to profit after third annual loss

Sony sees return to profit after third annual loss

May 26th, 2011 in News

TOKYO (AP) - Sony is forecasting a return to profit for the fiscal year ending March 2012, as sales are expected to recover after the plunge from the March 11 earthquake, but reported its third straight year of red ink.

Sony Corp. said Thursday it expects an 80 billion yen ($975.6 million) profit for the current fiscal year.

Tokyo-based Sony reported a 259.6 billion yen($3.2 billion) loss for the fiscal year ended March 2011.

Costs for online security breaches around the world and the disaster in northeastern Japan battered the electronics and entertainment giant.