Sony recently announced a corporate restructuring in a bid to reduce costs and return to profitability amidst the economic downturn. This restructuring has now begun to reap rewards.

"We're making good progress in our restructuring efforts and expect to save over JPY 300 billion ($3 billion) in cost reductions in fiscal 2009," said the corporation's CEO Sir Howard Stringer.

"I can tell you we believe business is improving, and we hope to improve shareholder value in the months ahead," he added. "We're working on profit recovery and growth strategy, that's what we're committed to."

Sony lost $1 billion in fiscal 2008, which led to the closing of around eight manufacturing plants and slashing of 16,000 jobs.