Sony Corp.'s film unit recorded a full-year operating profit of $488 million (￥58.5
billion) on Thursday, up 13.4 percent on the previous year in yen terms
- driven by the weakening of the Japanese currency against the U.S.
dollar.
billion) on Thursday, up 13.4 percent on the previous year in yen terms
- driven by the weakening of the Japanese currency against the U.S.
dollar.
The result came on a 5.9 percent revenue gain for Sony Pictures Entertainment (SPE) in yen, or a 4 percent drop on a constant dollar basis, to $7.3 billion (￥879 billion), with the weak yen again playing a key role.
Michael Lynton, CEO of SPE,
said in November 2013 that the entertainment operations would generate
$8.4 billion in the fiscal year that ended in March, with operating
income of around $630 million.
said in November 2013 that the entertainment operations would generate
$8.4 billion in the fiscal year that ended in March, with operating
income of around $630 million.
Hits such as The Amazing Spider-Man 2 and 22 Jump Street helped boost Sony Pictures earnings following major flops such as After Earth and White House Down that hit its revenue and bottom line in the previous financial year.
Overall, Sony Corp recorded a full-year loss of $1.05 billion (￥126
billion) on revenue of $68.5 billion, compared to a loss of $1.25
billion in the previous year. Sales fell more sharply on a dollar basis,
but the effect was reduced by the weak yen.
billion) on revenue of $68.5 billion, compared to a loss of $1.25
billion in the previous year. Sales fell more sharply on a dollar basis,
but the effect was reduced by the weak yen.
Operating
income at Sony Music jumped 17 percent to $491 million on revenue of
$4.5 billion, but flat in dollar terms. Strong sales of albums from One
Direction and AC/DC helped maintain revenue.
income at Sony Music jumped 17 percent to $491 million on revenue of
$4.5 billion, but flat in dollar terms. Strong sales of albums from One
Direction and AC/DC helped maintain revenue.
The games division logged operating income of $401 million (￥48
billion) boosted by strong sales of the PlayStation 4 console, which
has comfortably outperformed its rivals from Microsoft and Nintendo.
billion) boosted by strong sales of the PlayStation 4 console, which
has comfortably outperformed its rivals from Microsoft and Nintendo.
The conglomerate predicted profits of $568 million (￥68 billion) for the year to March 2016, which would be its best results since 2008.
Sony shares closed down 1.4 percent at ￥3,640 ($30.68) on the Tokyo market, compared to a 2.5 percent drop for the Nikkei 225 index, before the earnings announcement.
More to come…
Twitter: @GavinJBlair
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