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Sony Posts Profit, Higher Sales In Quarter

10/29/2010 01:22:47 PM Eastern

Tokyo - Sony reported a net profit and sales increase in its
fiscal second quarter ended Sept. 30.

Sales were up 4.3 percent in yen to 1,733.2 billion yen
($20.8 billion) compared with the prior year's fiscal second quarter. The net
income of 20.7 billion yen ($755 million) is in comparison to the 26.22 billion
yen loss year on year.

Sales were up in all areas except its music business. Sony
had to contend with higher exchange rates, with the yen appreciating against
the U.S. dollar by 9.2 percent compared with the prior year's third quarter.

By business segment in Consumer, Professional & Devices,
sales increased 1.4 percent year-on-year (an 11 percent increase
on a local currency basis) to 885.3 billion yen ($10.7 billion) Sales to
outside customers increased 3.4 percent year-on-year due to an increase in LCD
television sales resulting from increased unit sales.

Operating income increased by 10.3
billion yen year-on-year to 16.9 billion yen ($203 million). This was driven
primarily by an increase in gross profit due to higher sales, an improvement in
the cost of sales ratio and a decrease in restructuring charges, Sony said.

Categories which unfavorably impacted
the change in segment operating results include LCD TVs, reflecting a decline
in unit selling prices despite rising unit sales, and video cameras, reflecting
lower sales.

Networked Products and Services' sales increased
5 percent year-on-year (a 16 percent increase on a local currency basis) to
369.1 billion yen ($4.5 billion). Sales to outside customers increased 2.2
percent year-on-year. This was mainly due to an increase in PC sales brought on
by increased unit sales, which resulted from expanding market share in all
regions driven by enhanced product appeal, Sony said.

While game business sales in total decreased
year-on-year, sales of PlayStation3 hardware and software increased
year-on-year and benefited from the introduction of PlayStation Move in the
current quarter.

income of 6.9 billion yen ($84 million) was
recorded in the current quarter, compared to a loss of 59.0 billion yen in the
same quarter of the previous fiscal year. Categories which favorably impacted
the change in segment operating results include the game business, reflecting
the strong performance of PS3 resulting from significant hardware cost
reductions and higher sales, and PCs, resulting from the increase in sales.

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