Sony and Panasonic made their first profit in five quarters after each announced stronger than expected results for the final calendar quarter of 2009.
Sony’s movies business and financial unit performed particularly well with the consumer electronics sales remaining sluggish.
The firm made an operating profit of $1.5bn for the quarter and an improvement of four percent compared to the same period last year.
Sony’s B2B and Disc Manufacturing business – which incorporates its broadcast and professional products – saw a 0.5 percent decrease in sales. The division benefited from increased Blu-ray disc sales. This was offset however by the lower demand for broadcast and professional-use products in developed countries.
Overall revenues in Europe and the US fell by 9.5 and 3.3 percent respectively for the quarter with those in all other regions except Japan rising by 12.9 percent.
Meanwhile Panasonic posted quarterly operating profits of $1.1bn with its consumer electronics products performing well.
Like Sony, the company cited the European and US markets as trouble spots, describing them as “moribund”.
Both companies have revised their annual profit forecasts in light of the strong results.