(MENAFN) Sony slashed its loss forecasts for the entire year by more than a quarter to USD1.4 billion, pointing to its three-month results that benefited from a weak yen and improving smartphone sales, Oman Observer reported.
The struggling firm said it now predicts to lose USD1.44 billion in the financial year to March, down from an earlier loss forecast of USD1.95 billion, as it also cited lower restructuring costs.
Sony's projected earnings improved as its October-December net profit more than tripled to an estimated USD756.93 million. Operating profit doubled to USD1.51 billion as sales grew 6.1 percent to USD21.68 billion.
Restructuring costs in the quarter were reduced by a third from a year ago. For the nine months to December, Sony estimated it had a net loss of USD170.94 million, reversing USD84.19 million in profits a year ago.
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