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Sony profitable again, but core electronics still struggling |
May 09, 2013
Sony made good on a promise to return to profitability after offloading a number of valuable assets last year, but its core electronics business is still losing money.The Tokyo-based company said Thursday it booked a profit of ¥43 billion (US$440 million) for its fiscal year through March, a year after it posted a ¥457 billion loss, the largest since its founding. The company also increased revenue by 5 percent to ¥6.8 trillion.The return to profit, a key promise under new CEO Kazuo Hirai, was expected after the company sold off billions of dollars worth of assets during the fiscal period, including its U.S. headquarters, a large Tokyo office complex and share holdings. A lingering worry is the company's failure to generate profit on its consumer electronics.For the current fiscal year, the company promised a similarly modest profit of ¥50 billion, less than one percent of its projected sales of ¥7.5 trillion.To read this article in full or to leave a comment, please click here
Link: http://www.pcworld.com/article/2038247/sony-profitable-again-but-core-electronics-still-struggling.html#tk.rss_all
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