updated 11:34 am EDT, Thu April 25, 2013
Profit for year hits $403 million, beats own estimates
Sony has managed to earn its first annual profit in five years, according to its most recent full-year financial report. Net income for the year ending March 31st saw the company earn 40 billion yen ($403 million), an improvement from the 456.7 billion yen ($6.4 billion at the time) loss earned in the 2011-2012 fiscal year, and beating the 20 billion yen ($213 million) profit it reportedly expected to earn in previous reports.
The sale of properties, including both its US headquarters and Tokyo buildings, earned around $2 billion in profit according to Bloomberg, giving the company a significant but temporary boost to its finances. The company is still going through CEO Kaz Hirai's One Sony recovery strategy, a restructuring effort that includes the loss of around 10,000 jobs, alterations to its television division, and attempting to boost sales in emerging markets. In the year ahead, Sony should in theory benefit from the PlayStation 4 launch, though this will not be until much later this year.
Operating profit for the year was 230 billion yen ($2.3 billion), a vast change from the 67.3 billion yen ($677 million) loss made last year. Sales rose to 6.8 trillion yen ($68 billion) for the year, an increase of 4.7-percent and an improvement from forecast earnings, courtesy of a weak yen providing a boost.