TOKYO: Sony Corporation reported a drop in group profits of 5.3% in its fiscal third quarter, but on the back of a revival in its electronics division, raised its outlook for the full year to March 31.
The Japanese giant posted net profit of ¥159.9 billion ($1.31bn; €1.01bn; £666m) from ¥168.9bn a year earlier. Group revenue increased 9.8% to ¥2.608 trillion from ¥2.375tn, while its group operating profit declined 15% to ¥178.9bn from ¥210.3bn.
Sony has been undergoing a major restructuring following the appointment in 2005 of Welsh-born American Howard Stringer to the role of ceo. He has ditched unprofitable businesses, sold off assets, reduced jobs and closed plants.
Sony's biggest problem lay in its core electronics business, where it fell behind Apple's iPod music player and Samsung Electronics' flat-screen television business.
Data sourced from Wall Street Journal Online; additional content by WARC staff