Sony swings to $45 million net profit for April-June
TOKYO (AFP) - Japan's electronics giant Sony said on Thursday it swung back to a net profit of US$35 million (S$44.5 million) for the April-June quarter, while boosting its annual sales forecast.
Sony racked up a 3.5 billion yen net profit for the three months to June, reversing a net loss of 24.6 billion yen a year earlier, as it lifted its full-year to March 2014 sales target to 7.9 trillion yen, up from 7.5 trillion yen.
At the operating level, Sony said its profit in the quarter soared more than five-fold to 36.4 billion yen.
The improving results come after Sony said in May it had booked its first annual net profit in five years, offering a glimmer of hope for the former market leader.