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Sony posts $1.06 bn FY loss, expects profit in current year

Sony Logo/FILE

Sony Logo/FILE

TOKYO, April 30- Sony said Thursday it lost $1.06 billion in its last fiscal year, but the struggling electronics giant added that it expected to swing to a profit this year as it overhauls its vast business.

The company’s net loss for the year to March was 126 billion yen, slightly down from a loss of 128.4 billion yen a year ago.

But the electronics-entertainment conglomerate said it booked an operating profit of 68.5 billion yen, more than double the previous year, on sales of 8.21 trillion yen, a 5.8 percent increase.

Strong sales of the PlayStation 4 games console and electronic devices including image sensors used in cameras helped drive revenue, while a weaker yen — which lifts the value of repatriated overseas income  — also boosted results.

For the current fiscal year to March 2016, Sony expects a net profit of 140 billion yen and an operating profit of 320 billion yen, on sales of 7.9 trillion yen, down 3.8 percent.

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