Good news: Sony surprises with first-quarter profit!
Finally some good news about the Financial situation: The company posted net income of 26.8 billion yen ($261 million) in the three months ended June, compared with 3.5 billion yen a year earlier (Source: Bloomberg). And if we look at the Imaging Division there are some good news too. While the overall sales decreased because of the global shrinking compact camera market the income increased. This means Sony is selling less compact cameras but more high end (and profitable) system cameras.
This is what Sony writes about the Imaging Division:
Sales:
decreased 9.0% year-on-year (a 10% decrease on a constant currency basis) to 164.6 billion yen (1,630 million U.S. dollars). This decrease was primarily due to a significant decrease in unit sales of compact digital cameras reflecting a contraction of this market.
Operating income:
increased 8.3 billion yen year-on-year to 17.4 billion yen (172 million U.S. dollars). This increase was mainly due to a reduction in selling, general and administrative expenses in the current quarter, partially offset by the above-mentioned decrease in sales.
Foecast:
Sales are expected to be below the May forecast primarily due to anticipated lower sales in emerging market countries. Operating income is expected to remain unchanged from the May forecast due to the above-mentioned decrease in sales being offset primarily by cost reductions.