Sony has named its Xperia Z smartphone as a key reason for the £280m profit it recorded in the last business year.
The Japanese firm revealed that it has seen its first profit since 2008 in its fiscal year 2013 results, published on Thursday. Sony said its latest Xperia Z smartphone was a key reason for the radical turnaround from the £3.3bn loss it recorded in the same period last year.
The report said: "Sales increased primarily due to the impact of fully consolidating Sony Mobile Communications AB in February 2012, where smartphone unit sales increased year-on-year.
"With regards to smartphones, the Xperia Z has been enjoying strong consumer acceptance since it went on sale in February 2013 due to its various cutting-edge technologies from the Sony group. By further accelerating similar initiatives, Sony aims to expand its sales and improve profitability during the fiscal year ending March 31, 2014 in the smartphone market, which is continuing to grow."
Sony claims that these factors allowed it to overcome poor sales in its TV and games divisions. The firm said the upswing will continue, forecasting a further 50bn yen (£325m) rise in profits in the current financial year – putting an end to Sony's run of poor performance. For the last five years the firm has seen its profits slip thanks to ongoing poor sales in former powerhouse areas, like its TV and games divisions.
Sony's TV division is believed to be a primary reason for Sony's fortunes, having accumulated losses in excess of £6.3bn over the last decade. The games division has also shrunk, thanks to decreasing interest in handheld PSP consoles. The losses forced Sony to radically restructure its management in 2012. The firm listed the restructure strategy as another key reason for its reverse of fortunes.
For a more thorough look at the Sony Xperia Z, read V3's review or watch the video below.
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