Sony sees profit from asset, product sales in Q3

Sony Corp reported its first operating profit in the October-December 2012 quarter helped by proceeds from sale of assets that offset slow product sales.

The consumer electronics giant posted an operating profit of 46.4 billion yen during the quarter ended 31 December 2012 against a 91.7 billion loss in the year-ago quarter.

Sales rose 3.6 per cent to 5.07 trillion yen ($54.17 billion) boosted by rising demand in the mobile products and movies division, it said. A falling yen also helped boost sales, Sony said.

Sony said its net loss for the first nine months of the financial year (April-December 2012-13) declined 75 per cent on a year-on-year basis and that the company is well on track to meet its full-year profit forecast.

Sony reported a net loss of 50.87 billion yen in the nine months ended 31 December 2012, against a 201.45 billion yen loss in the same period last year.

The company expects a net profit of 20 billion yen for the fiscal year ending 31 March 2013 on sales of 6.6 trillion yen.

Sony, which reported a 67 billion yen loss in the previous financial year, stuck to its full year operating profit forecast of 130 billion yen.