First profit in five years, with more expected next year

Sony returns to profitability

Tech giant Sony yesterday revealed its financial results for the year ending March 2013. And after five years in the red, the firm has turned a profit.

It took in $458 million profit for the 2012 financial year ending compared with a loss of $5.7 billion for the year before.

It said in a statement that the increase was primarily due to consolidating Sony Ericsson, favourable foreign exchange rates and an increase in financial services revenue.

It noted decreases in computer, games consoles, camera and LCD TV sales, but nevertheless forecast a profit for its next annual financial results in 2014.

You can read the full financial statement from Sony here.

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