Sony’s profits jump on sales of PS4

Sony has reported better-than-expected profit for the first quarter, helped by robust sales of its PS4 gaming console and a weak Japanese currency.

Net profit was 25.7bn yen ($250m; £148m) in the three months to June 30, up from 3.1bn yen a year ago.

Sales at its gaming console division rose almost 96 per cent during the period.

Sony, which has been restructuring its business after years of losses, still expects a net loss of 50bn yen for the financial year through March 2015.

The firm said its operating profit during the period was also boosted in part by a gain of 14.8bn yen on the sale of certain buildings and premises.

Sony’s PlayStation 4, which was launched in November last year, has emerged as the bestselling “new-gen” console.

Its success has helped Sony overtake rival Nintendo in sales of game consoles for the first time in eight years.

Sony sold 18.7 million systems in the last financial year – which ended in March – compared with Nintendo’s tally of 16.3 million video games machines.

The figures also include sales of the older PS3 and original Wii, in addition to Nintendo’s 3DS and Sony’s PlayStation Vita handhelds.

On Thursday, Sony said its games unit made an operating profit of 4.3bn yen during the first quarter, compared with an operating loss of 16.4bn yen during the same period last year.