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Sony Corp.$67.31$1.131.71%

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 Sony’s group net profit nearly quadruples on year in April-June quarter
   Tuesday, August 01, 2017 7:32:02 AM ET

Sony Corp. said on Tuesday that its group net profit in the three months to June rose almost fourfold from a year earlier to 80.87 billion yen (730 million U.S. dollars).

The near quadrupling of its group net profit in the April to June quarter on year, was owing to a resurgence of its semiconductor business, Sony said.

The Tokyo-based tech giant also said its operating profit had risen almost threefold in the recording period to 157.61 billion yen, up 15.2 percent and based on sales of 1.86 trillion yen.

Sony raised its sales projection for the full business year through next March, saying it forecasts sales will reach 8.3 trillion yen from a previous forecast of 8 trillion yen.

The maker of PlayStation game consoles and software titles said a weaker yen is expected to boost revenue from overseas sales, as profits and competitiveness are boosted when the yen is weaker than its competitors and repatriated at favorable exchange rates.

Sony kept its net profit forecast at 255 billion yen, more than triple that from a year earlier, and said it expects its operating profit to leap 73.2 percent to 500 billion yen, which will be the highest in almost 20 years.

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