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Sony's profit increases

Monday, October 28, 2002

Sony Corp. posted a net profit of 4.1 billion yen (US$360 million) for its fiscal second quarter ended on september 30, compared to a net loss of 3.2 billion yen in the same quarter last year. Of the profit, 6.1 billion yen came from a tax adjustment gained from Sony's merger with Aiwa Co. Ltd.

Sony's consolidated sales reached 0.8 trillion yen for the quarter, a slight increase of 0.5 percent compared with the same period last year.

The improvement in the results was partly due to the restructuring of its electronics business, especially in the components units, Sony said in a statement. The company also saw a recovery in its semiconductor units, according to the statement.

The game business recorded an increase in hardware and software sales in Europe and the U.S., and a "remarkable expansion" in its PS2 business yielding an overall increase in sales and operating income. Sales of consumer audio-visual products were also strong, the company said.

However, looking forward to the second half of the fiscal year ending March 31, 2003, the company is still concerned that consumer confidence may deteriorate even further.

By: DocMemory
Copyright 2002 CST, Inc. All Rights Reserved

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