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Sony to report a profit

Monday, July 1, 2002 | 9:53 a.m.

TOKYO -- Spider-Man and World Cup soccer appeared to have helped save Sony Corp. from a fiscal first-quarter loss.

Sony announced today that it would post a group operating profit for the April-June quarter, reversing its own April estimate of a loss for the period.

The consumer electronics and entertainment giant said that the revision reflects a recovery in its electronics business and solid results in its movie business.

Sony's movie business was bolstered by the May release of the blockbuster "Spider-Man" movie. Sony, along with other Japanese manufacturers, also appears to have enjoyed a jump in sales of television, audio and video equipment from the soccer World Cup, hosted by Japan and South Korea.

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