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Sony Q1 Profitable

7/29/2010 09:38:21 AM Eastern

Tokyo - Sony turned a profit in
its fiscal first quarter and reported higher overall sales partly due to sales
increases in LCD TVs and computers.

Sales and operating revenue was
1.661 trillion yen ($18.7 billion), up 3.8 percent in yen for the quarter
ending June 30. Net income was 25.7 billion yen ($289 million), a turnaround
from a 37.1 billion yen loss in last year's opening quarter.

However, the company warned that
unfavorable exchange rates could hurt the company going forward. For instance,
Sony said that during the quarter, the average
rate of the yen was 91.0 yen against the U.S. dollar and 115.5 yen against the
euro, which was 5.8 percent and 13.5 percent higher, respectively, than the
previous year's first quarter.

Sony's
consumer, professional and devices segment operating income was 889.5 billion
yen ($9.99 billion), up 7 percent, and operating income was 50.1 billion yen
($563 million), compared with a loss in the prior year of 8.9 million yen.
Growth was due in part to increased unit sales of LCD TVs.

In
its networked products and services segment, sales and operating revenue was
325.9 billion yen ($3.66 billion), up 32.4 percent, but the operation posted a
loss of 3.8 billion yen ($43 million), which is an improvement from the prior
year's loss of 36.7 billion yen.

The
sales increase was due to higher unit sales of PCs and PlayStation3 hardware
and software. Unfavorable exchange rates, among other factors, took a toll on
this segment's profitability.

Sony
also reported that Sony Ericsson had sales of 1.757 billion euros, an increase
of 4.4 percent. Sony, which has a 50 percent stake in the company, reported
equity in net income of 600 million yen ($7 million), compared with a loss of
14.5 billion yen in the prior year's opening quarter.

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