Sony posts profit on record first-quarter sales

Despite continuing uncertainty in the global economy Sony posted record sales in its first fiscal quarter, the company announced yesterday. Sales and operating revenue totalled ¥1.72 trillion (US$14 billion as of June 30), a 5.4 per cent increase from the same period last year. The boost was in part due to the lower value of the yen against foreign currencies, Sony said.

The company turned last year's net loss of ¥30.1 billion for the quarter into a net profit this year of ¥57.2 billion, thanks to strong-selling consumer products and restructuring of the company.

The electronics unit saw significant increases in sales of televisions, digital still cameras, PCs and PDAs (personal digital assistants), which compensated for the 7.5 per cent decrease in semiconductor sales.

Game software sales were strong in Europe and the U.S., but a worldwide decline in console sales led to a 1.1 per cent decrease in sales for the game division. However, the division showed operating income of ¥2.6 billion, compared with a ¥3.1 billion operating loss in the same period last year.

Significant factors in the overall sales increase were the success of the movie "Spider-Man" and a worldwide DVD software sales increase. Sony Pictures Entertainment saw a 27.5 per cent increase in sales and operating revenue compared with the same period last year.

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