Sony starts to turn around

Sony appears to have weathered the worst of its financial storm and managed a small operating profit in the second quarter.

True, getting in the black did require selling its chemicals business and it is still losing a lot of money on its TV business, but it did manage to keep to its full-year profit guidance.

According to Nasdaq, July-September saw an operating profit of $379 million compared with a $20,507,708 loss a year ago. It was slightly better than what most analysts thought.

Sony sold its chemical business to state-backed Development Bank of Japan and the company said that other asset sales may further inflate operating profit this business year.

Sony stuck to its prediction of a full-year operating profit of $1.63 billion.

There are still signs that Sony is not doing as well as it would have hoped. The company cut its forecast for full-year sales of its hand-held PSP and Vita game consoles to 10 million from a previous forecast of 12 million.

It also expects to sell fewer TV sets, only 14.5 million and 16 million compact digital cameras, lower than it previously forecast. Its PlayStation 3 console sales are the same at 16 million.

It is not the only telly maker which is suffering. Panasonic added that it would lose almost $10 billion this year.