Monday, 21 August, 2017

Sony Apr.-June net profit almost quadruples on semiconductor recovery

Sony Profit Surge, Boosted by Strong Sales Sony posts 181 percent profit surge for Q1 2017
Cecilia Poole | 02 August, 2017, 00:35

Japan's Sony Corp on Tuesday reported its highest-ever first-quarter operating profit, taking the electronics giant one step toward its highest annual profit in two decades on the back of robust sales of image sensors.

Sony's fiscal first quarter profit almost quadrupled from a year earlier, boosted by its lucrative image sensor and other businesses and highlighting a gradual recovery at the Japanese electronics and entertainment company. The Minato, Tokyo-based conglomerate said that its sensor business is the biggest factor that benefitted its recent performance, having recovered from a massive natural disaster that it suffered through in 2016. Sales and operating revenue's guidance has been raised by 3.6%, and Sony now expects to make $75.12 billion (8.3 trillion yen) during the twelve-month period ending March 2018.

Net income rose 282.1 percent to 80.9 billion yen ($734 million). Sales were up 15.2 percent to 1.86 trillion yen.

Sony Profit Surge, Boosted by Strong Sales
Sony sees recovery with a nearly quadrupling of profit

- Physical sales remained strong for recorded music, growing to $301.8 million (33.53 billion yen), up 16.2 percent from the corresponding period past year, when it totaled $267 million (28.9 billion yen).

Unlike other record music revenue categories at Sony Music, downloads (digital downloads and mobile) experienced a sharp decline. Sales also experienced a 17% increase on a constant currency basis over last year's ¥141.9 billion ($1.29 billion).

Operating income in the same quarter of the previous fiscal year included a 20.3 billion yen impairment charge against long-lived assets resulting from the termination of development and manufacturing of certain high-functionality camera modules for external sale, as well as net charges of 13.6 billion yen in expenses resulting from the 2016 Kumamoto Earthquakes, both in the Semiconductors segment. Television Productions sales increased significantly, primarily due to higher licensing revenue for US series such as The Last Tycoon and Better Call Saul. That is a significant improvement from 2016's fiscal first quarter, when the company produced net income of $196 million (21.2 billion yen) on revenues of or $14.9 billion (1.613 trillion yen).

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