Sony’s Net Profit for Third Quarter increases more than three times
Sony’s Net Profit for Third Quarter increases more than three times

On Tuesday, Sony announced that the company's net profit for the third quarter of 2014 was more than three times compared to net profit for the same period, a year earlier. The company also said that it was on course to experience annual loss.

According to the company, the improvement is due to weak yen, increased sales of the company's smartphones, strong demand for image sensors for cameras and robust PlayStation console businesses. Sony further stated, "It was primarily related to Sony's exit from the PC business, and a decrease in sales in the Pictures segment, mainly due to lower Motion Pictures and Television Productions sales."

In the final earnings report, the company posted a net profit of about 90 billion yen for the three months to December. In February, the company published provisional estimates as cyberattack at the company's Hollywood film unit had delayed the final numbers. The cyberattack resulted in compromising a large amount of data.

The profit was of about 90 billion yen. Last month, the company had estimated profit of about 89 billion yen. The profit was also bigger than 26.4 billion yen in the same quarter of 2013. Sales of the company's product grew about 6.5% from 2013 to about 2.56 trillion yen, while the operating profit was more than double to 182.1 billion yen. Previously, estimated sales were 2.55 trillion yen and operating profit was 178.3 billion yen.

While confirming its February estimate, Sony said that it expected to lose about 170 billion yen in its fiscal year which is ending on March 31. The company also confirmed projections of 20 billion yen in annual operating profit and 8.0 trillion yen in sales.

As per the reports, the finalized net-loss estimate was down by about a quarter from a loss of 230 billion yen.

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