Sony forecasts 970 mln USD net profit for FY 2011

Japan's consumer electronics giant Sony Corp. on Thursday announced its third straight annual loss but said it expects a return to the black in the current fiscal year, despite the impact of the March 11 disasters and a series of massive cyber attacks on the company.

Sony forecast a net profit of 80 billion yen (about 975 million U.S. dollars) for the fiscal year 2011 that started on April 1, following net losses of 259.59 billion yen in fiscal 2010.

The maker of PlayStation games consoles and Bravia flat-screen TVs said it expects its operating profit to hit 200 billion yen this business year, a similar level as the firm achieved a year earlier.

The March 11 disasters cost Sony a 388.8 billion yen net loss in the quarter to March, as its supply chains were severely disrupted and some of its facilities damaged. The firm also said that as the disasters had clouded its outlook it had to take charge on tax credits totaling 362 billion yen.

In terms of the firm's operating profit, Sony said on Monday that in combination with the hit the firm was dealt with from the March disasters and the hacking debacle -- which saw the personal information of 100 million online users of its gaming network exposed and information from 8,500 people leaked from its Greek Sony Music Entertainment website recently -- it will likely be reduced by some 164 billion yen in the current financial year.

Sony said it plans to raise sales by 4.4 percent from fiscal 2010 to 7.5 trillion yen in fiscal 2011, on increased sales of PlayStation 3 game consoles and LCD TV sales.

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