Global electronics maker Sony said today that its third quarter net profit rose over 17% on improving sales and favourable exchange rates, and that it no longer expected to end the year in the red.
Sony posted a net profit of 168.9 billion yen ($1.4 billion) in profit in the three months to December, up from 143.8 billion yen a year earlier. The Japanese company also revised a forecast loss of 10 billion yen for the year to March 2006 to a net profit of 70 billion yen.
Sony saw major growth in its video-game business, saying that sales had increased 48.3% in the segment due to the popularity of its PlayStation Portable (PSP) console. Its operating income grew 46.8% in the quarter to 202.8 billion yen.
'Within the electronics segment, an improvement in the cost of sales ratio, as well as favourable foreign exchange rates, resulted in an increase in operating income,' it said in a statement.
