Business

Friday 24 November 2017

Sony is back in business as Japanese firm file €254m second quarter profit

Licence to thrill: Daniel Craig's latest outing as Bond in Spectre.
Licence to thrill: Daniel Craig's latest outing as Bond in Spectre.
Michael Cogley

Michael Cogley

Sony has returned to profitability. Following the release of record-breaking ‘Hotel Transylvania 2’ and the continued strong performance of the Playstation 4, the Japanese company is revelling in a strong second quarter.

The company’s net income was 33.6bn yen (€254m) for the three month period that ended on September 30, which represents on enormous overhaul in fortunes when compared with the same period last year where it filed a loss of 136bn yen (€1.03bn).

Sony’s profitable second quarter is representative of a significant revival in a company that has posted losses in six of the last seven years.

The Playstation division has proven to be extremely beneficial for the company as the Playstation 4 outsold its nearest competitor, the Xbox One at a pace that has left the console war out of Microsoft’s reach.

Shares in the Japanese company have also experienced a welcome rise of 40pc this year.

Rumours have circulated in recent times that Sony may rid itself from the mobile market which it has found it difficult to perform in.

However, earlier in the month Sony’s mobile chief, Jonathan Lin, denied reports that the company may look at selling the business in 2016.

The company's movie business may be about to enter another successful period too as its long-standing relationship with James Bond continues. Box office results for Daniel Craig's latest film 'Spectre' will be included in Q3's results.

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