Cost cutting helps Sony Ericsson post Q1 profit

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Cost cutting helps Sony Ericsson post Q1 profit
Stockholm, Apr 16: Riding on the success of the new high-end products, Sony Ericsson posted a net profit up to euro 21 million (29 million dollars) for the first quarter.

The unexpectedly good Q1 results of the mobile phone maker was released on Friday, Apr 16. The company has come a long way from the previous loss of euro 293 million due to its persistent cost cutting efforts.

However, the sales slipped in the quarter ended Mar 31 2010 to euro 1.4 billion as against the sales worth euro 1.74 billion in the corresponding period of 2009.

“Increases in both gross and operating margins show that we are on the right track to build the correct cost structure for our business organization and strategy," said Sony Ericsson CEO Bert Nordberg in the income statement.

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