Sony Corp.'s struggling electronics businesses have passed the midway point on the way to financial health, President Kazuo Hirai said.

"Three years of restructuring are beginning to bear fruit," Hirai told reporters during a group interview in Tokyo on Wednesday. "Except for smartphones, every business was profitable in the first quarter. That's how far we've come in turning electronics around."

Hirai has said this fiscal year marks the beginning of an expansion phase after the maker of the PlayStation 4 cut thousands of jobs and shifted its focus away from smartphones and TVs. Hirai's management plan, announced in February, calls for games and services, image sensors, movies and streaming music to drive growth in the next three years.