Sony Corp. heightened its annual loss forecast as the reorganization measures benefited and sales of its PlayStation 3 heaved following a price cut. Sony also placed a sharp increase in its net profit October-December quarter.

Financial Officer Nobuyuki Oneda told reporters in a news conference, "We didn't need to worry too much about price cuts for TVs and other consumer product. Progress in restructuring also helped. We think we've bottomed out".

Following the global economic crisis, Sony has cut down 20,000 jobs accompanied by shutting 18% plants and in turn worked more upon Flat-TV division facing competition from Samsung Electronics Co and other rivals.

Financial forecasts for the coming fiscal year were however not exposed by Sony but hints were given regarding how the company saw its products gaining shape. Mr. Oneda said, "I expect LCD television sales to rise at least
33% to more than 20 million units in the fiscal year starting April 1, 2010 from a projection for 15 million units in the current fiscal year".

Sony said on Thursday that net profit in its fiscal third quarter was Y79.2 billion, compared to Y10.4 billion profit last year, as it was equipped with a 44% leap in PlayStation 3 game console sales. Revenue increased by 3.9% to Y2.24 trillion. This profit was also because of its insurance division's investments maintained by a recovery in Japanese shares.