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Sony earnings boosted by weak yen and smartphone sales

DA NANG Today
Published: August 01, 2013

Sony has reported a jump in profits for the April-to-June quarter, boosted by a weak yen and surge in smartphone sales.

Sony has launched new models in an attempt to boost its share of the smartphone market
Sony has launched new models in an attempt to boost its share of the smartphone market

It made a net profit of 3.5bn yen ($35m; £23m) in the quarter, reversing a loss of 24.6bn yen last year.

Many Japanese firms have seen their profits jump amid a sharp decline in the yen's value - which lifts profits when they repatriate their foreign earnings back home.

The yen has dipped nearly 25% against the US dollar since November.

A weak currency also makes Japanese goods more affordable for foreign buyers, helping boost sales of exporters such as Sony.

The company said its sales rose 13% in the three months to the end of June, from a year earlier, primarily "due to the favourable impact" of the currency movement.

It also raised its sales forecast for the current financial year to 7.9 trillion yen from its projection of 7.5 trillion yen in May.

(Source: BBC)

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