Sony net profit doubles despite PS3 losses
Japan's Sony Corp. said on Thursday its quarterly net profit more than doubled as surging sales of cameras and televisions offset swelling losses from its beleaguered PlayStation 3.
By Agencies |
TOKYO: Japan's Sony Corp. said on Thursday its quarterly net profit more than doubled as surging sales of cameras and televisions offset swelling losses from its beleaguered PlayStation 3.
Sony said operating profits more than tripled as a weak yen boosted its overseas earnings and it cashed in on the box office success of Spider-Man3.
The electronics icon has undergone major restructuring under is first foreign head Howard Stringer and is recovering after a difficult 2006 when it was hit by recalls of millions of faulty computer batteries.
Net profit jumped to 66.46 billion yen in the three months to June, up from 32.29 billion a year earlier, the company said.
It was Sony's best-ever fiscal first quarter and a huge improvement on the 67.56 billion yen loss seen in the previous three months.
Operating profit soared to 99.32 billion yen from 27.05 billion yen a year earlier, while revenue gained 13.3 per cent to 1.98 trillion yen.
Sales at the mainstay electronics business jumped 11.6 per cent, led by brisk demand for products such as Cyber-shot digital cameras, Bravia liquid crystal display televisions and Handycam video cameras.
But operating losses in the troubled game division swelled to 29.2 billion yen from 26.8 billion yen a year earlier after the company cut the price of the PS3 to below the cost of production to try to boost demand.
Chief financial officer Nobuyuki Oneda said the losses in the game unit would have been even bigger if Sony had sold more PS3s.
Sony said operating profits more than tripled as a weak yen boosted its overseas earnings and it cashed in on the box office success of Spider-Man3.
The electronics icon has undergone major restructuring under is first foreign head Howard Stringer and is recovering after a difficult 2006 when it was hit by recalls of millions of faulty computer batteries.
Net profit jumped to 66.46 billion yen in the three months to June, up from 32.29 billion a year earlier, the company said.
It was Sony's best-ever fiscal first quarter and a huge improvement on the 67.56 billion yen loss seen in the previous three months.
Operating profit soared to 99.32 billion yen from 27.05 billion yen a year earlier, while revenue gained 13.3 per cent to 1.98 trillion yen.
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Sales at the mainstay electronics business jumped 11.6 per cent, led by brisk demand for products such as Cyber-shot digital cameras, Bravia liquid crystal display televisions and Handycam video cameras.
But operating losses in the troubled game division swelled to 29.2 billion yen from 26.8 billion yen a year earlier after the company cut the price of the PS3 to below the cost of production to try to boost demand.
Chief financial officer Nobuyuki Oneda said the losses in the game unit would have been even bigger if Sony had sold more PS3s.
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