NTDTV
Sony, Toyota Have Strong Profits
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Shares of Sony and Toyota rose Monday, after Japan’s top business daily reported that each returned to profit in the last quarter.
Sony is expected to post a profit of up to $343 million, the Nihon Keizai Shimbun reported, bouncing back from an operating loss on solid sales and cost cuts.
The consumer electronics conglomerate trimmed nearly $4 billion in costs in the last business year through labor cuts and factory consolidation, helping it to weather a rising yen.
Toyota Motor, meanwhile, will see a quarterly group operating profit of $1.1 billion, compared to an over $2 billion loss in the same period last year, the Nikkei said.
The world’s biggest automaker has been plagued by a safety crisis that has led to the recall of over 10 million vehicles globally.
Toyota has also been hit by part plant strikes in China, forcing the temporary shutdown of production.
The Nikkei said Toyota has been able to shake off the woes, selling up to 1.9 million vehicles in the last quarter, up about 30% on year.
Sony announces earnings on Thursday, while Toyota will release results in early August.
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