Sony CEO Howard Stringer has reiterated his company's performance targets for the year ending March 2011, meaning that the company’s previously ambitious target of a 10% return on equity remains intact.
Sony had initially made this forecast back in June, but following the news that the firm had cut its profit forecast by 57% (largely due to the rising Yen), many analysts speculated that Sony's projection would have to be amended.
But today Mr Stringer reassured the audience at the Nikkei Global Management Forum in Tokyo that the company will retain its outlook. “I have to offset the losses that the Yen created so that we can get the company back on target along the target of 2010 which I intend to keep,'' Stringer said.
According to data from Bloomberg, Sony’s average return on equity (which is calculated as profit divided by total assets) over the past five years has been 5.8%, a figure which Sony hopes to nearly double with its latest projections.