Sony posts $261m profit on PS4 sales

 01 Aug 2014 - 0:00

Sony CFO Kenichiro Yoshida announces the company’s first quarter financial result at Sony’s headquarters in Tokyo yesterday.


TOKYO: Sony said it saw a $261m first-quarter net profit thanks to brisk sales of its PlayStation 4 console and a weak yen, but said it still expects a full-year loss.
The company’s net profit came to 26.8bn yen ($261m) for the three months through June, up from 3.1bn yen a year earlier, with sales rising 5.8 percent to 1.8 trillion yen.
The gains were largely driven by “a significant increase in game and network services segment sales, reflecting the contribution of the PlayStation 4 ... as well as the favourable impact of foreign exchange rates”, Sony said in a statement.
A weak yen boosts the profitability of Japanese exporters such as Sony. The consumer electronics giant also said box-office hits, including “The Amazing Spider-Man 2”, boosted results at its movie unit, which includes a Hollywood studio.
Sony, which has been undergoing a painful restructuring after years of losses, still expects a net loss of 50bn yen on sales of 7.8 trillion yen for the fiscal year through March 2015.