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Saturday, May 18, 2013

Sony delivers first annual profit in five years

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Sony has landed in the financial black for the year to 31st March pulling itself back into profit for the first time in five years.
The tech and software giant posted a net profit of 43 billion Yen (around £280 million) saying that the weakened Japanese currency, which makes their goods cheaper in foreign markets, have helped sales.
Over the same period last year, Sony made a loss of 457 billion Yen.
"The game business achieved a profit in the fourth quarter due to strong sales of first-party software and the elimination of negative margins on the PS3," said Nobuyuki Oneda, chief financial officer of Sony.
Sony's profits have also been boosted, at least in part, by some internal restructuring. Over the last fiscal year, the Japanese electronics company has axed around 10,000 jobs, which is around six per cent of its workforce. It's also sold off its $1 billion headquarters in New York.
Sony says it expect to build on its newly posted earnings, projecting a 16 per cent rise in net profits of 50 billion Yen for the year ending in March 2014. It's likely that it has an expectation that its forthcoming next generation console, the PlayStation 4, will help boost profits towards the end of the year when it sees release

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