Sony makes shock profit
Sony Corp has reported an eight-fold increase in its quarterly profits, helped by the sales of Playstation 4 consoles, and the disposal of properties as well as the sale of Square Enix, a video games developer.
Sony said that profit for the April-June period, and its Q1, rose to Yen 26.8 billion ($261 million) from 3.1 billion Yen a year earlier. The consensus from market analysts had anticipated a loss. Quarterly sales climbed nearly 6 per cent to Yen 1.81 trillion ($17.6 billion).
Its key Home Entertainment & Sound segment, which includes TV set manufacturing, reported a gain in operating profit, from Yen.4 billion ($33 million) to Yen 7.7 billion ($75 million) year-on. Interest in the World Cup helped boost TV sales 10 per cent year-on to Yen 205 billion ($2.03 billion).
The Japanese electronics and entertainment conglomerate did well in its video games, movie and camera businesses, and offsetting restructuring costs. Sony has also sold its Vaio computer business.
However, Sony’s guidance for the year is still to expect the company to make a loss overall this financial year, of some $488 million.