- POSTED: 31 Jul 2014 14:56
Sony on Thursday (July 31) posted a $261 million quarterly net profit thanks to brisk sales of its PlayStation 4 console and a weak yen.
TOKYO: Sony on Thursday (July 31) posted a $261 million first-quarter net profit thanks to brisk sales of its PlayStation 4 console and a weak yen.
The company's net profit came to 26.8 billion yen ($261 million) for the three months through June, up from 3.1 billion yen a year earlier, with sales rising 5.8 per cent 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 50 billion yen on sales of 7.8 trillion yen for the fiscal year through March 2015.