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Monday, 28 October, 2002, 07:00 GMT
Sony plays up strong profits
Sony Playstation 2
Good Christmas sales of Playstation 2 are expected
Electronics and entertainment giant Sony has reported a strong performance with a profit of 48.8bn yen (253m) in its second quarter ending after making only 600m is the same period last year.

The world's biggest consumer electronics maker said a better performance was due to its electronics division, which made 26.2bn yen after a loss of 23.3bn a year ago.

"In our electronics division, with strength in audiovideo products, a recovery in semiconductors and components, and structural reforms, we are making steady progress in improving profitability," Sony chief executive officer Nobuyuki Idei said in a statement.

The success of the Playstation 2 pushed the games division's profits up to 24.8bn yen from 4bn and films, including "Spider-Man" and "Men in Black II", pulled in 9.9bn yen, but was down on the 22bn yen a year ago.

The music division again let the company down, stretching its loss to 5.6bn, slightly higher than last time around.

Overall revenues for the quarter ending September were virtually unchanged at 1.789 trillion yen and Sony left its full year pre-tax profit forecast unchanged at 310bn yen.

Yen troubles

The strong yen pulled profits down for Sony, which gets more than two-thirds of its revenues overseas.

As the yen firms against the US dollar, the company makes less in profit for products sold overseas.

Sony said it now expects a dollar/yen rate of around 120 yen in the next quarter after assuming 115 yen in the last quarter.

The yen has been trading at about 124 to the dollar.

Sony also added 36.1bn yen in profits from absorbing consumer electronics group Aiwa.

The results were inline with analysts expectations.

See also:

14 Sep 02 | Technology
25 Jul 02 | Business
01 Jul 02 | Entertainment
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