Business

Saturday October 31, 2009

Sony, Panasonic signal worst may be over


TOKYO: Sony Corp and Panasonic Corp signalled the worst may be over for the world’s two largest consumer electronics makers as they raised their full year outlooks, helped by cost cuts.

This follows an upbeat view from Samsung Electronics, the world’s top LCD maker, and Sharp Corp.

Sony posted its fourth consecutive quarterly loss in July-September, hit by sluggish cellphone sales and as it cut prices of its PlayStation 3 game console.

However, analysts noted signs of improvement in many units of the consumer electronics conglomerate.

Panasonic raised its full year operating profit forecast by 60% and posted its first profit in three quarters on robust sales of advanced DVD recorders and appliances. — Reuters

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