Business News
Sony announces return to profit
Jul 29, 2010, 8:30 GMT
Tokyo - Japanese electronics giant Sony Corp said Thursday that it turned a profit in the latest quarter on strong television sales, leading it to improve its forecast for the year.
Sony posted a net income of 25.7 billion yen (294 million dollars) for the period April to June, the first quarter of the company's financial year, compared to a loss of 37.1 billion yen in the same period last year.
Sales for the quarter were 1,661 billion yen, according to the company's press release.
Operating profit, calculated as total sales minus production and administrative costs, were estimated at 180 billion yen, up from 160 billion yen forecast in May.
The company revised its estimated net income for the year through to March 31 to 60 billion yen, up from an earlier prediction of 50 billion.
The better-than-expected performance was due to cost-cutting measures and strong sales of electronic products including televisions, the company said.
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