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Sony logs record April-June profit amid solid game business

TOKYO (Kyodo) -- Sony Corp. on Tuesday reported record profit for the April-June quarter, driven mainly by its solid game and network service business.

    The Japanese electronics and entertainment giant said group net profit for the quarter to June 30 nearly tripled from a year earlier to a record 226.45 billion yen ($2 billion), helped by a special profit from the sale of shares in Swedish streaming giant Spotify.

    Group operating profit rose 23.7 percent to a record 195.01 billion yen, boosted by strong sales of Sony's flagship PlayStation 4 console and game titles such as "God of War," the company said. Sales increased 5.1 percent to 1.95 trillion yen.

    "We made a good start to this (fiscal) year," Chief Financial Officer Hiroki Totoki said at a news conference in Tokyo.

    But he also said the outlook is uncertain. "We have a sense of caution about possible effects of U.S.-China trade tensions and currency devaluation in developing countries on the macro economy," Totoki said.

    Nevertheless, Sony revised upward its financial projections for the year to March. It now expects a group net profit of 500 billion yen, up 1.9 percent from the previous year. It previously projected a net profit of 480 billion yen.

    It also raised its sales forecast for the full year to 8.6 trillion yen, up from a previously projected 8.3 trillion yen.

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