13 May 2013

Sony reports first profit in five years

7:26 am on 13 May 2013

Sony has reported an annual profit for the first time in five years, boosted by asset sales and a weakening yen.

Net profit was 43 billion yen in the year to 31 March, compared with a 457 billion loss a year earlier.

Sony said the yen's recent fall, which makes its goods cheaper for foreign buyers, boosted sales.

The BBC reports a weak yen also lifts profits when firms repatriate their foreign earnings back home.

The Japanese currency has fallen more than 20% against the US dollar since November last year, after policy makers unveiled a series of aggressive measures aimed at spurring growth in the economy.