Sony posts $261M net profit in Q1 on PS4 sales, weak yen

TOKYO, Japan – Sony said on Thursday, July 31, it saw a $261 million first-quarter net profit thanks to brisk sales of its PlayStation 4 console and a weak yen, but said it still expects a full-year loss.

The company’s net profit came to 26.8 billion yen ($261 million) for the 3 months through June, up from 3.1 billion yen a year earlier, with sales rising 5.8% 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 favorable 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. – Rappler.com