Sony Corp returned to the black for the first time in five years in the financial year that ended in March, thanks to a weaker yen and rising share prices, the company said today.
The Japanese consumer electronics maker booked a net profit of 43 billion yen ($ 435.7 million) for the year, a turnaround from a net loss of 456.7 billion yen for fiscal 2011. It posted an operating profit of 230.1 billion yen, compared with an operating loss of 67.3 billion yen the year before.
Its annual sales reached 6.8 trillion yen for the year that just ended, up 4.7 per cent from 6.49 trillion yen for fiscal 2011.
Sony also logged a net profit of 93.9 billion yen in the January-to-March quarter, a turnaround from a net loss of 255.2 billion yen in the same period last year.
The Company reported an operating profit of 147.1 billion yen in the quarter, compared with an operating loss of 1.4 billion yen a year ago, while sales were up 8.3 per cent to 1.73 trillion yen.
Sony expected a net profit of 50 billion yen for the current financial year while predicting an operating profit of 230 billion yen and sales of 7.5 trillion yen.
The yen has dropped 25 per cent against the US dollar since November. A weaker yen makes Japanese products more competitive overseas and improves repatriated earnings.
Shares in Sony have more than doubled from a 32-year low in mid-November.