Sony plans no announcement on TV restructuring: CFO

Reuters News
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Posted: Oct 11, 2011 12:49 AM
Sony plans no announcement on TV restructuring: CFO

TOKYO (Reuters) - Sony Corp said on Tuesday it was not planning any major announcement about restructuring its television business, after expectations had grown that the company would unveil drastic changes to turn the unit around as it heads for its eighth straight year of losses.

In an interview with Reuters, Chief Financial Officer Masaru Kato also said the company was becoming increasingly cautious about sales in the all-important year-end shopping season in November and December.

The electronics giant's profits are being battered by the dramatic slide of the euro against the yen. But Kato said that 75 percent of the company's production is scheduled to take place overseas this financial year and that it would be difficult to raise that figure further.

Sony has no tricks up its sleeve to protect itself from the yen's rise against the euro, Kato added.

(Reporting by Isabel Reynolds; Editing by Chris Gallagher)