Sony turns around: 2012 financial results show profit for first time in years

It's been a rocky road for Sony but it seems the company has finally turned a corner. For the first time since 2008, the Japanese electronics giant has posted a profit.

In its fiscal year 2012 financial results, which ended 31 March 2013, the company made a net profit of 43 billion yen (£279.585 million). Admittedly, much of that has been the result of closing down and selling buildings and making redundancies, but mobile phone sales increased 102 per cent year on year, and other arms of the company performed well. Sony Pictures, for example, increased 11.4 per cent year on year, partly thanks to strong showings by films Skyfall and The Amazing Spider-Man.

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The games division didn't do too well, however. Perhaps because consumers have one eye on the PS4, sales of the PlayStation 3 have decreased. The PSP is naturally declining in sales performance and the PS Vita has underperformed.

LCD TV sales, or the lack thereof, are attributed to the home entertainment and sound department of Sony showing a 22.5 per cent year-on-year decrease overall.

Kaz Hirai, Sony's CEO, has every reason to believe that the next fiscal year will be better for the company, certainly with the PS4 waiting in the wings.