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Sony Has First Annual Profit In 5 Years - It has been revealed that Sony has had its first annual profit in 5 years.
Sony has revealed that it has taken its first annual profit in 5 years.
It is thought that the profit is due to a weakening Yen and boosted asset sales. The net profit for 2012 was 43 billion Yen to 31 March, compared to a 457 billion loss the year before.
The Yen's fall makes Sony's products cheaper for overseas buyers, boosting sales. Sony has been troubled over the past few years due to increased competition and falling prices, along with narrowing profit margins.
A decrease in sales year on year of 4.1% in the imaging division was due to reduced sales of compact cameras, reflecting a contraction in the low end market as more and more consumers turn to smart phone cameras.
As part of its 'restructuring process', Sony has recently sold off some key assets, including the 'Sony City Osaki' building in Tokyo and its US headquarters in New York. It is thought by some critics that this could have swayed the figures in Sony's favour.
Sony has implemented investments for growth in the imaging sector, expanding production capacity for its CMOS image sensors.
You can see the full financial report from Sony here (pdf).