Sony, Panasonic post big profits

AFP, TOKYO: Two of Japan’s biggest electronics giants booked soaring profits yesterday in a sign that efforts to fix their tattered balance sheets were finally paying off.
Sony kicked off the upbeat news by reporting a six-month net profit of almost $1.0 billion, crediting its PlayStation video game unit and smartphone parts business for a big improvement in its finances.
Shortly after Sony’s announcement, rival Panasonic also said that its fiscal first-half profit jumped, as the firm presses on with a corporate shakeup.
The pair, along with still-struggling Sharp, have stumbled in the consumer electronics business that built their global brands, including losing billions of dollars in televisions over the past decade as they faced fierce competition from lower-cost rivals from South Korea and Taiwan. In response, the trio launched wide-ranging restructurings that have included layoffs and asset sales in a bid to restore their fading glory.
Yesterday, Sony said its net profit came in at 116.0 billion yen ($960 million) in the first half of its fiscal year, reversing a 109.2 billion yen loss a year earlier. It also reversed a year-earlier operating loss, although sales ticked down 0.3 per cent to 3.7 trillion yen.

Sony, Panasonic post big profits

AFP, TOKYO: Two of Japans biggest electronics giants booked soaring profits yesterday in a sign that efforts to fix their tattered balance sheets were finally paying off. Sony kicked off the upbeat news by reporting a six-month net profit of almost $1.0 billion, crediting its PlayStation video game unit and smartphone parts business for a big improvement in its finances. Shortly after Sonys announcement, rival Panasonic also said that its fiscal first-half profit jumped, as the firm presses on with a corporate shakeup. The pair, along with still-struggling Sharp, have stumbled in the consumer electronics business that built their global brands, including losing billions of dollars in televisions over the past decade as they faced fierce competition from lower-cost rivals from South Korea and Taiwan. In response, the trio launched wide-ranging restructurings that have included layoffs and asset sales in a bid to restore their fading glory. Yesterday, Sony said its net profit came in at 116.0 billion yen ($960 million) in the first half of its fiscal year, reversing a 109.2 billion yen loss a year earlier. It also reversed a year-earlier operating loss, although sales ticked down 0.3 per cent to 3.7 trillion yen.