Sony back in black, reports first profit in five yearsElectronics giant Sony has reported an annual profit for the first time in five years thanks to stronger sales and a weakening yen.
The Japanese firm said on Thursday that it made a net profit of 43 billion yen in the year to 31 March, reversing a huge loss in the same period a year earlier.
The Tokyo-based company said quarterly sales rose eight percent to 1.7 trillion yen, mainly thanks to a weak Japanese yen which makes its goods cheaper for foreign buyers and helped boost sales.
The yen has fallen more than 20 percent against the U.S dollar since November last year.
Sony expects the recovery to continue and projected a 50 billion yen profit for the fiscal year through March 2014, up 16 percent.
Image: © Getty
Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.