Sony swings back to quarterly profit on cheap yen

TOKYO (AP) ? Sony says it has swung back to profitability in the latest quarter, mainly because of a weak yen.

Net income for the April-June period was 3.5 billion yen ($35 million). Earnings also got a boost from improved smartphone and entertainment businesses. Sony had racked up a 24.6 billion yen loss the previous year.

The Japanese electronics and entertainment company said Thursday it got a nice perk from a favorable currency rate. A cheap yen helps boost the earnings of Japanese exporters, although Sony has been trying to reduce such vulnerabilities over recent years when the yen was high.

Sales jumped 13 percent to 1.71 trillion yen ($17 billion). But they would have slipped 3 percent on year if it were not for the declining yen, the Tokyo-based company said.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-08-01-Japan-Earns-Sony/id-ed3c00daf65f4067a2dc5b805802fe56

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