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Sony rebounds to profit in April-June quarter

- Associated Press - Thursday, July 29, 2010

TOKYO (AP) - Sony bounced back to profit last quarter and raised its full-year earnings forecast, fueled by stronger demand for its PlayStation 3 gaming consoles, personal computers and televisions.

The Tokyo-based electronics and entertainment giant booked a net profit of 25.7 billion yen _ or $294 million at current exchange rates _ for the April-June quarter, a sharp turnaround from a 37.1 billion yen loss a year earlier.

Revenue grew 3.8 percent to 1.66 trillion yen.

The healthier sales stemmed mainly from consumers in emerging markets, which offset declines in Japan and the United States. Its business was also strong enough to weather a stronger yen _ which can make its products less competitive in overseas markets _ and weakness in its financial services business.

During the three months through June 30, the Japanese currency averaged 91 yen to the dollar and 115.5 yen to the euro, higher than the previous year, Sony said.

Sony upgraded its forecast for the full year through March 2011 even as it expects the yen to keep appreciating. It now expects a net profit of 60 billion yen on revenue of 7.6 trillion yen.

Operating profit _ seen as an indicator of actual business performance _ for the quarter was 67 billion yen compared with an operating loss of 25.7 billion yen in the same period last year.

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