Sony books first annual net profit in 5 years

Struggling Japanese electronics giant Sony on Thursday said it booked its first annual net profit in five years, offering a glimmer of hope for the once-iconic firm. Sony said it earned 43.03 billion yen ($436.08 million) for the fiscal year to March, reversing a whopping loss of 456.66 billion yen a year earlier, as a sharply weaker yen helped boost Japanese exporters' competitiveness and inflated the value of their foreign income. Sales in the period were 6.8 trillion yen, up 4.7 percent on-year, Sony said, adding that it expects to post a net profit of 50 billion yen in the current fiscal year to March 2014 on sales of 7.5 trillion yen. Earlier this month, the firm said dozens of senior executives including chief Kazuo Hirai would forego their annual bonuses to atone for a slump in Sony's electronics unit. The decision came after the maker of PlayStation game consoles and Bravia televisions launched a massive corporate overhaul to stem losses, including thousands of job cuts and a string of asset sales, including office buildings in Manhattan and Tokyo. Japan's electronics sector, including Sony rivals Panasonic and Sharp, has suffered myriad problems including slowing demand in key export markets, fierce competition from lower-cost foreign rivals and strategic mistakes that left its finances in ruins.