Sony Returns to Net Profit
April 28 2016 - 02:50AM
Dow Jones News
TOKYO—Sony Corp. reported Thursday a net profit of 147.8 billion
yen ($1.36 billion) for the fiscal year ended March 31, marking a
turnaround for the Japanese electronics conglomerate, which has
struggled to maintain profitability for much of the past
decade.
The earnings results compare with the company's guidance for a
profit of ¥ 145 billion profit for the year, and a FactSet mean
estimate by 24 analysts for ¥ 147 billion. Sony reported a ¥ 126
billion loss for the previous fiscal year ending March 2015.
With its restructuring efforts nearly complete, chief executive
Kazuo Hirai has said the latest reporting period represents a new
start for Sony. It now seeks further growth from sales of its
PlayStation videogame unit, from its specialized device unit that
makes image sensors that are a key component in Apple Inc.'s
iPhone, and from music and movies.
The company now expects its consumer electronics products,
including TVs and portable music players, to simply maintain stable
profitability, rather than aim for significantly larger
revenues.
In its competition with South Korean rivals for a greater share
of the consumer electronics market, Sony had sacrificed
profitability in favor of sales, resulting in years of losses. The
company recorded net losses in each fiscal year since 2008, except
for the year ending March 2013, when it sold off a big chunk of
assets, including real estate.
During the 12-month period ended in March this year, Sony
reported an operating profit of ¥ 294.2 billion on ¥ 8.1 trillion
in revenue. Analysts had expected a profit of ¥ 336.4 billion on
revenue of ¥ 8.1 trillion. Sony recorded a ¥ 68.5 billion operating
profit on revenue of ¥ 8.2 trillion in the year ending March
2015.
Write to Takashi Mochizuki at takashi.mochizuki@wsj.com
(END) Dow Jones Newswires
April 28, 2016 02:35 ET (06:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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