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Sir Howard Stringer, chairman of Sony Corporation, has told thecompany's annual shareholder meeting that he believes the "toppriority" should be restoring the videogames and television departmentsto profitability.
Precisely when that might happen is unclear, as although the company previously predicted that the PlayStation division will post its first annual profitnext year, following cost reductions in the manufacture of thePlayStation 3, the electronics division is set to see earnings tumbleon poor LCD sales while the stonger yen hits exports, according to Bloomberg.
The company predicted net income to fall by 22 per cent to JPY 290billion (USD 2.69 billion), while it expects to sell 10 millionPlayStation 3 consoles, and 9 million PlayStation 2 consoles.
Additionally the company has stated that it has no plans to buy back shares, according to Reuters, despite enjoying a strong cash or equivalents position of around USD 10 billion.