Sony profits rise almost seven-fold to $4.5bn

The Japanese electronics to entertainment specialist Sony has announced annual net profits of $4.5bn (?3.2bn) despite a drag from its mobile phone unit.
It represented a near seven-fold rise on the previous year to March, as its recovery was supported by better sales of image sensors for smartphones, movies and improvement in its finance businesses.
However, the bumper profits announcement was tempered with caution that the current year would likely result in a dip in earnings as favourable foreign exchange rates for the yen turn sour.It reported a 12.4% rise in sales for 2017 while the sale of some assets also boosted its performance, Sony said.The company, which recently appointed a new management team, said its game division recorded an 18% rise in revenue, mostly due to an increase in PlayStation 4 software sales and rising paid membership rates.
Sony profits rise almost seven-fold to $4.5bn

A Sony Playstation VR headset
On the flip side mobile phone sales - long a drag on the company's performance amid stiff competition - continued to decline.
Sony forecast a modest 2.2% fall in net profits for 2018/19.Its statement said: "Consolidated sales for (the ongoing year) are expected to decrease year-on-year primarily due to the impact of foreign exchange rates and an expected decrease in sales in the (mobile communications) segment.
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"Consolidated operating income is expected to decrease year-on-year mainly due to an expected decrease in operating income in the semiconductors segment," it added.Shares - up more than 6% so far this year - were 0.8% lower in Tokyo by the close, reflecting the updated guidance.
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