Sony Swings to Profit

TOKYO: In its financial results for the fiscal year ended March 31, Sony Corporation announced its first net profit in five years, with earnings of 43 billion yen ($458 million).

Last year, Sony posted an annual loss of 457 billion yen ($4.6 billion), marking the worst in its 66-year history. The company expects the recovery to continue as well, projecting a 50 billion yen ($503 million) profit for the next fiscal year, up 16 percent. Sony said that the yen’s recent fall has boosted sales, as it makes goods cheaper for foreign buyers. The company has also undertaken a number of cost-cutting measures, lifting these numbers as well. 

There was a year-on-year sales increase of 4.7 percent, led primarily by the consolidation of Sony Mobile following the buyout of Ericsson’s stake in a joint venture. The most profitable divisions were the financial services arm and the movie business. The games division had a small operating profit, as did the camera division. The TV and audio division posted a loss, of 84.3 billion yen ($849 million).