Sony Corp., maker of the PlayStation 3, stayed in the red last business year but cost cuts and better sales of consumer electronics allowed it to shrink losses and predict a return to profit.
The Tokyo-based company Thursday reported a 40.8 billion yen ($439 million) loss for the year ended March 31, an improvement from the previous year's 98.9 billion yen loss, which was Sony's first annual red ink in 14 years.
The electronics and entertainment giant credited LCD televisions and digital cameras for helping drive its recovery. It also cited its life insurance unit, where revenue surged 58 percent.
Sony expects to climb back into the black in the year …
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