Sony Profits Soar Nearly Seven-fold To $4.5 Bn

Sony on Friday reported profits worth $4.5 billion, extending a roaring recovery supported by better sales of smartphone image sensors and movies, and improvement in its finance businesses.

Tokyo, (UrduPoint / Pakistan Point News - 27th Apr, 2018 ) :Sony on Friday reported profits worth $4.5 billion, extending a roaring recovery supported by better sales of smartphone image sensors and movies, and improvement in its finance businesses.

The firm said its net yearly profit reached 490.8 billion Yen ($4.5 billion) for the year to March, compared with 73.3 billion yen a year earlier, thanks to increased sales across the board and favourable foreign exchange rates.

Annual operating profit more than doubled to 734.86 billion yen, while sales surged 12.4 percent to 8.54 trillion yen, the company said. Sony said all its business segments, except mobile operations, enjoyed increased sales, while asset sales added to its operating profit.

Its game division saw an 18-percent rise in sales, primarily due to an increase in PlayStation 4 software sales, the impact of foreign exchange rates, and an increase in its paid membership service, the company said.

Sales in its semiconductor business rose 10 percent, thanks to robust demand for image sensors for mobile devices, it added. For the year to March 2019, the firm expects a moderate slowdown, with net profit seen falling 2.2 percent to 480 billion yen and operating profit down 8.8 percent to 670 billion yen. Annual sales are expected to drop 2.9 percent to 8.3 trillion yen.