Japanese electronics giant Sony yesterday said it returned to the black in the fiscal first quarter thanks to strong sales in televisions, its PlayStation 3 console and computers.
The maker of Bravia televisions and Cyber-shot cameras reported a profit of ¥25.7 billion (US$293 million) compared with a ¥37.1 billion loss a year ago.
Sony also upwardly revised its annual profit forecast by 20 percent to ¥60 billion in the year ending March next year despite worries over the yen’s strength versus other major currencies, which could erode profits.
The company said that “further appreciation of the yen against the euro is expected for the remainder of the year,” and revised its exchange forecast to ¥110 versus the euro, compared with ¥125 forecast in May.
It maintained its previous forecast of ¥90 to the dollar. Japanese exporters remain anxious about the recent strength of the safe-haven yen versus the euro and the dollar amid ongoing uncertainty over the eurozone economy and doubts over the durability of a US recovery.
If sustained, a stronger yen could erode repatriated overseas profits and make goods more expensive overseas. In the quarter ended last month, Sony posted an operating profit of ¥67 billion compared with a loss in the same period a year ago. The company is also banking on the mounting popularity of products that enable three-dimensional viewing.
Separately, Toshiba Corp said yesterday that it barely returned to the black for the first quarter on strong demand for flash memory chips used in laptops, smartphones and other gadgets.
Toshiba reported a net profit of ¥466 million, reversing a net loss of ¥57.8 billion a year earlier. Its sales for the three months rose 9.7 percent to ¥1.47 trillion.
Rival Sharp Corp also said it returned to the black in the first quarter to last month, with a net profit of ¥10.7 billion on strong sales of liquid crystal display screens and mobile phone handsets.
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