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Jun 19, 2009, 8:41 GMT

Sony's Stringer vows to bring business back to profit

Tokyo - Sony Corp is seeing 'progress,' and it would turn to profit for the current fiscal year after the Japanese electronics giant suffered the first annual net loss in 14 years the previous fiscal year, Sony's Howard Stringer said Friday. The company's chief executive officer and chairman Stringer assured investors at a shareholders' meeting in Tokyo Friday that Sony would come back from the doldrums of slow television sales and yen's surge. The electronics firm suffered a 98.9-billion-yen (1.03-billion-dollar) loss and an operating loss of 227.8 billion yen for the past fiscal year, which ended March 31. But the company's financial tactics such as restructuring measures are effectively working, Stringer said. Sony had planned to cut 16,000 jobs world-wide and close some manufacturing sites. 'We are not going to be beaten again in the network age,' Stringer was quoted by Kyodo News agency.

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