Sony reported a modest profit in its first fiscal quarter ended June 30, continuing a turnaround that started in the last fiscal year.
The company has also raised its revenue forecast for its current fiscal year on account of the depreciating Yen.
If the return to profitability in the last fiscal year mainly came from the sale of assets including its U.S. headquarters, a large Tokyo office complex and share holdings, the turnaround in the quarter came from improved sales of smartphones and the favorable impact of foreign exchange rates.
The company reported that its net profit was ¥3.5 billion (US$35 million) in the quarter, compared to losses of ¥24.6 billion in the same quarter last year. Revenue was up 13 percent to ¥1.7 trillion.
Source: FULL ARTICLE at PCWorld