Sony predicted its mobile business would generate a profit in fiscal 2020 (the year to end-March 2021) after recording positive momentum in the opening quarter.
In the three months to end-June, the Mobile Communications unit generated operating income of JPY11 billion ($104.1 million), up from JPY1 billion in fiscal Q1 2019. Sales declined 6.4 per cent to JPY94.2 billion.
Revenue at the Electronics Products and Solutions division, which includes the mobile business, decreased 31.4 per cent to JPY331.8 billion.
On an earnings call, Sony CFO Hiroki Totoki said segment’s supply chain had almost fully recovered and customer demand is beginning to bounce back.
He noted it is preparing for further waves of Covid-19 (coronavirus) by transforming the structure of the business, overhauling operations and further streamlining, and enhancing e-commerce distribution channels.
On a group level, net profit grew 53.4 per cent to JPY233.3 billion and operating revenue rose 2.2 per cent to JPY1.97 trillion, led by strong gains in its gaming and financial services businesses.
Its imaging, music and film businesses were also affected by lockdown measures.
Sony forecast full year sales would be flat at JPY8.3 trillion and operating income would decrease by JPY225.5 billion to JPY620 billion.Subscribe to our daily newsletter Back