Sony Finally Makes Some Money

After five years of no cash flow, Sony has reported an annual profit in its fiscal fourth quarter, buoyed by asset sales at its U.S. headquarters in New York and Tokyo office buildings. The Japanese electronics giant reported a net profit of roughly 94 billion yen, or $948.5 million, in the January-March quarter, compared with a loss of 255 billion yen a year earlier. The weakening of the yen (down more than 20 percent against the U.S. dollar) has worked in Sony’s favor, making Japanese goods cheaper for foreign buyers and boosting profits of exporters. Sony said it hopes to make its television business profitable this year after nine years of losses, adding new ultra-high-definition models to its product lineup.