Sony stages recovery, Q1 net profit at $278 mn
Sony Corp said on Thursday strong sales of flat-panel televisions and the hit movie The Da Vinci Code helped it reverse a year-earlier loss in the June quarter to continue its turnaround.
The Japanese electronics giant, which is undergoing major restructuring, reported a net profit of 32.29 billion yen ($278.3 million) for the fiscal first quarter, after a net loss of 7.26 billion yen a year earlier.
Sony posted an operating profit of 27.05 billion yen against a loss of 6.58 billion as revenue rose 11.2 per cent to 1.74 trillion yen.
Sales at the core electronics goods unit rose 13.5 per cent while the pictures business saw a 41.8 jump in revenue.
The Da Vinci Code, the film based on Dan Brown's best-selling novel, is Sony Pictures' most successful ever overseas release.
At the same time, however, the games segment suffered a 29.1 per cent sales slump as demand for the company's PlayStation 2 video games console weakened in the face of increased competition from the Microsoft's new Xbox 360.
The PlayStation 3 is one of Sony's core products and its success is considered vital to a revival after a profit slump at the group.
Sony was forced to delay the launch of the latest version of the hugely popular PlayStation series by about six months until November, giving archrival Microsoft a one-year head start with the Xbox 360.