Japanese electronics giant Sony posted a 666.5 percent rise in pretax profit for its full fiscal year on Thursday, helped by cost cutting in its smartphone business and the continued popularity of the PlayStation 4.
Income before taxes for the year ending March 31 came in at 304.5 billion yen ($2.81 billion), a big rise from the 39.7 billion yen recorded during the same period last year. Operating profit rose 329.2 percent to 294.2 billion yen, its largest figure since fiscal 2007, according to Reuters.
Losses in Sony's mobile communications business, which has been a cause for concern, narrowed to 61.4 billion yen from 217.6 billion in fiscal 2015. The Japanese firm has been on a drive to increase profitability with its Xperia smartphone range rather than chase market share, a move that appears to be paying off.
"If it means that we're selling less number of phones going out the door. We're fine with that so long as we have a profitable business, and we're really on our way to being profitable in that regard," Kazuo Hira, the chief executive of Sony, told CNBC in February.