Japanese giant Sony Corp has reported that its profits for the full year ended March 31st were significantly higher than expected, with currency conversion related gains and lower income taxes quoted as the key factors in the re-evaluation.
The firm reported income of 88 billion Yen (â'¬685 million) for the full year, a major improvement over the previously anticipated 55 billion Yen (â'¬428 million) figure. However, it still represents a significant drop from last year's profit figure of 115.5 billion Yen (â'¬899 million).
The year on year fall in profit is largely due to a major restructuring at the company, which has seen the overall workforce cut by some 13 per cent following a pledge to reign in operating costs made by chief executive Nobuyuki Idei last year.
The firm's revenues have remained largely stable, with full-year sales standing at a massive 7.5 trillion Yen (â'¬58.4 billion), up from the original projection of 7.4 trillion Yen (â'¬57.6 billion) - largely unchanged from last year's figure.
Operating profit, meanwhile, was 99 billion Yen (â'¬771 million), down just slightly on the projected figure of 100 billion Yen (â'¬779 million) due to higher then expected restructuring costs.
The divisions of the giant company fingered as being particularly successful this year include the Sony Pictures operation and the company's financial services division, both of which improved their operating performance significantly.