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Sony nearly doubles net profit for the year
Despite reported fourth quarter losses of $533m(¥56.5 bn), Sony has ended the year with net profits totaling US$1.5 bn (¥163.8 bn), according to Photo Marketing Newsline. This is nearly double the profit the electronics giant recorded last year. There have been positive sales in the digital camera, flat panel TV and LCD rear projection sectors, while sales have decreased in the CRT television and portable audio markets. Sony expects net profit for the year ending March 2006 to drop to US$755m (¥80 bn) due to restructuring plans said to be costing $680m (¥72 billion).