Sony Narrows Loss, Forecasts Fiscal ’16 Profit

TOKYO: Sony Corporation is forecasting a profit of 140 billion yen ($1.2 billion) for the current financial year ending March 31, 2016, announcing improved revenues and a narrower loss for fiscal 2015.

Revenues were up by 5.8 percent to 8.2 trillion yen (68.5 billion). The company posted a loss of 126 billion yen ($1.1 billion), down from the year-ago loss of 128.4 billion yen.

At Sony Pictures Entertainment (SPE), revenues were 878.7 billion yen ($7.3 billion), up 5.9 percent year-on-year based on the yen, but down 4 percent on a U.S. dollar basis due to lower theatrical revenues and an unfavorable comparison on the TV production front. Revenues from media networks were up. SPE's operating profit rose to $488 million due to the favorable impact of the depreciation of the yen against the U.S. dollar. The period included $41 million in costs related to the Sony hack.