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Sony returns to profit for first time in five years

Sony is back in the black, reporting its first annual profit in five years, but the figures were boosted by sales of key assets.

Net profit was 43bn yen (£280m) for the year to March 31st, as opposed to a 457bn yen loss the previous year. Sony says the yen's recent fall, which makes exports cheaper, boosted sales. Profits are expected to rise to 50bn yen in the current financial year.

As part of the firm's restructuring under new CEO Kazuo Hirai, it sold its US headquarters in New York and also offloaded its Sony City Osaki building in Tokyo. This resulted in gains of around $2.5bn (£1.6bn).

Sony, like many of its rivals, has been hit hard by intense competition in the TV business, with its TV division recording a loss for the last eight years.

By Andy Clough

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