Sony today released its forecasted financial results for the fourth quarter of 2014 where it managed to earn a net profit of US$ 756 million (89 billion yen) — an increase of 238 percent on a yearly basis. 

The company had expected to suffer a total loss of US$2.1 billion (230 billion yen) in the year 2014, but the strong performance from its certain divisions and its restructuring efforts reduced the overall losses to US$1.4 billion (170 billion yen).

The last quarter of 2014 was also particularly good for Sony’s smartphone division, which managed to ship 12 million Xperia smartphones — an increase of 27 percent on a YoY basis. The division also posted a modest profit of US$ 80 million. In its report, Sony says that the improvement in “product mix” helped in the positive growth of the division.

Sony’s Imaging department also did particularly well with a “significant increase in sales of image sensors” and camera modules, with its overall sales increasing by 38.6 percent.

Sony will continue with its restructuring efforts and lay off more than 2000 employees by 2016 in a bid to reduce its costs and improve profitability.