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Thursday, May 9, 2013

Sony shows a return to profit in its latest annual results

Sony’s annual results announcement for the year until 31st March 2013 shows a return to full-year profits, which is a notable change from its losses in recent years.

Net profit for the financial year was 43 billion yen (£279 million), while the previous year’s figures showed a 457 billion yen (almost £3 billion) loss. The past three months delivered a ¥94 billion (£611 million) profit, up from a ¥255 billion (almost £1.7 billion) loss for the same period a year earlier.

Annual sales were up 4.7% year-on-year to ¥6,800.9 billion (£44 billion), with the increase mainly due to the consolidation of the former Sony Ericsson Mobile Communications company, the favourable impact of foreign exchange rates and increased business at Sony’s Financial Services division.

Profitability is expected to increase to ¥50 billion for the current year.

Recent cost-cutting activity at Sony has seen the company shed several thousand jobs and sell its New York offices.

[Presentation (pdf)]

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Author: The Fonecast
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