Sony weaves its way back into the black for first time in five years thanks to weaker yen
Struggling electronics giant Sony yesterday announced it had made a profit for the first time in five years.
The Japanese company, which has been hit by an increase in competition in recent years, posted net profits for the 12 months to March of ¥43bn (£280m), compared to a ¥457bn loss the previous year.
The success of last year's blockbuster The Amazing Spider-Man helped as its movies and music businesses contributed a combined ¥95bn in profits.
However Sony's most profitable business last year was financial services and insurance subsidiary, which posted an operating profit of ¥146bn, while its consumer electronics division shrunk its losses to ¥84bn.
Last week it was announced 40 of Sony's top bosses would give up their bonuses over losses at the business.
The company said income from overseas sales climbed on the back of the 20 per cent slump in the value of the yen since November. The yen's decline made the company's range of appliances much cheaper for foreign buyers.
But the firm is banking on making fresh inroads in the smartphone sector to revive its flagging fortunes after being forced to flog its US headquarters in New York and its "Sony City Osaki" building in Tokyo.
Sony's five-inch screen Xperia Z smartphone launched in January has sold better than expected but the firm remains some way behind market leaders Samsung and Apple.
As Voltaire once said, “Ice cream is exquisite. What a pity it isn’t illegal”
- 1 Mother fed her daughter tapeworms to make her skinny for beauty pageant
- 2 Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
- 3 Crystal Palace next manager latest: Palace consider Ally McCoist - EXCLUSIVE
- 4 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 5 Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'
'Alien thigh bone' on Mars: Excitement from alien hunters at 'evidence' of extraterrestrial life
West poised to join forces with Assad in face of Islamic State
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – as hunt begins for killer
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Bin bag full of cats' heads discovered near Manchester's Curry Mile
Disgusting, frustrating, but intriguing: how the country really feels about its politicians
iJobs Money & Business
£20000 - £27000 per annum: Harrington Starr: Service Desk Analyst- (Desktop Su...
£25000 - £35000 per annum: Harrington Starr: Service Desk Analyst - (Active Di...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst - C++, Boost...
£30000 - £50000 per annum: Harrington Starr: Junior Quant Analyst (Machine Lea...