Sony back in profits on cheap yen, sales
Print Edition
SONY Corp reported a surprise eightfold jump in quarterly profit yesterday as sales got a perk from a cheap yen and its bottom line was helped by gains from selling buildings and its stake in a video-game maker.
Sony’s April-June profit soared to 26.8 billion yen (US$261 million) from 3.1 billion yen a year earlier. Analysts surveyed by FactSet had forecast a loss. Quarterly sales climbed nearly 6 percent to 1.81 trillion yen.
The Japanese electronics and entertainment conglomerate, which has been trying to reshape its business after years of losses, did well in its video games, movie and camera businesses, offsetting restructuring costs.
Under an overhaul announced earlier this year, Sony has sold its Vaio computer business and is splitting off its TV division to run as a wholly-owned subsidiary.
Sony said it had a 20.7 billion yen operating loss for the quarter related to exiting the PC business.
The Tokyo-based company raked in cash from the sales of Tokyo property and its 9.5 million shares in Square Enix, a video-game maker.
The sale of certain buildings and premises for 23.2 billion yen brought in 14.8 billion yen in operating income, and the Square Enix sale for 15.3 billion yen resulted in a 4.8 billion yen gain.
Sony has lost money in six of the seven past years.
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