By Lorna Brett

Japanese electronics giant Sony has returned its balance sheet to the black during the first fiscal quarter, thanks to improved sales of TV’s, PlayStation 3 consoles and computers.

For the quarter ended June, Sony has reported a profit of 25.7 billion yen ($AU326 million), compared to a 31.7 billion yen loss during the same period last year. Sales and operating revenues rose from 1.59 trillion yen to 1.66 trillion yen, with revenues from its Consumer, Professional and Devices segment (which includes TV’s and digital imaging) rose 7% to 889.5 billion yen.

"Sales to outside customers increased 8.9 per cent year-on-year. This was primarily due to an increase in television sales resulting from increased unit sales of LCD televisions," Sony said in a statement.

The company has now revised its annual profit forecast by 20% to 60 billion yen for the year ended March 2011, as well as its full-year operating income from 160 billion yen to 180 billion yen – in spite of concerns over the strength of the yen.

The company has been streamlining operations and cutting costs since the GFC, under the leadership of CEO and president Howard Stringer. Following extensive losses last year, Sony was forced to undergo major restructuring which included the slashing of thousands of jobs and the selling of facilities.

The company is also placing a great deal of sales hope on the mounting popularity of 3D products.