Sony sees profit more than tripling in current year

AFP . Tokyo | Update:

Sony said Friday it expects net profit in the current fiscal year to more than triple owing mainly to gains in its smartphone component business, while the PlayStation console division also boosted its fortunes.

The company said it is on track for a net profit of 255 billion yen ($2.3 billion) in the year beginning April 1, well up from 73.29 billion yen from the just-ended period.

Sony's annual operating profit was on track to hit 500 billion yen, surging about 73 percent from a year ago and closing in on a record hit in the late nineties.

Revenue is expected to grow 5.2 percent to eight trillion yen, backed by strong sales of image sensors which are key components in smartphone cameras as well as other electronics.

Sony has struggled through a painful restructuring that has included layoffs and asset sales after years of huge losses.

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