TECH

Sony Reports First Profit In Five Years But It's Not All Good News

09/05/2013 10:01

Sony, once a leader in the field of electronics, has announced its first profit in five years - but its not necessarily good news for the Japanese firm just yet.

The £280 million fourth quarter profit is largely down to a sell off of assets such as its New York headquarters and shares in various firms.

A weakening of the yen in an effort to kick-start the Japanese economy is also partly responsible as earnings made abroad become more valuable when brought back home.

sony profits

Sony have struggled in recent years

Sony will hope to build on the news in order to start returning a profit on sales of its electronic goods.

The company's flagship smartphone, the Xperia Z, is the latest offering in a market currently dominated by Apple and Samsung.

Sony's £280 million profit is dwarfed by the £6.27 billion posted by Apple - and that included their first slide in ten years.

Sony has struggled in recent years to gain a significant foothold in the smartphone market, and posted a full-year loss of more than $5.7bn in May 2012.

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