Sony Turns Profit in Q1, Game Division Posts ¥14.8b Loss - NewsWilliam D'Angelo, posted on 01 August 2013 / 9,043 Views
Sony has released its financial report for its first quarter which ended June 30, 2013. Sales have improved year-over-year to ¥1,712.7 billion ($17.3 billion), from ¥1,515.2 billion. Sony was able to turn a profit of ¥3.5 billion ($35 million), compared to a loss of ¥24.6 billion.
Sony's game division reported revenue of ¥117.9 billion ($1.19 billion) which is essentially flat year-over-year. The flat sales were due to the decreases in PlayStation 3 and PSP sales being offset by a more favorable exchange rate.
Despite revenue being flat the operating loss increased to ¥14.8 billion, from ¥3.5 billion. The increased loss was due to the research and development of the Sony's upcoming next generation console the PlayStation 4.
For the full fiscal year which ends March 31, 2014, Sony expects revenue to increase 16.2 percent to ¥7,900 billion compared to ¥6,800 billion the previous year. Profits are expected to increase to ¥50 billion, from ¥43 billion.
Revenue for the game division for the fiscal year are expected to be higher than originally forecasted. However, profits are expected to be lower than originally forecasted, due to the exchange rate.