Profit, Revenues Down at Sony


TOKYO: Sony Pictures Entertainment delivered gains in the second quarter, but parent company Sony Corporation saw its revenues drop by almost 11 percent and net income plunged by 85.6 percent.

Revenues at the Japanese conglomerate were 1.7 trillion yen ($16.7 billion) in the period, delivering a net profit of 4.8 billion yen ($48 million). Revenues were down in the mobile communications, gaming, imaging, home entertainment, components and semiconductor divisions. Music revenues rose by 8 percent.

At Sony Pictures, revenues were up 4.6 percent to $1.9 billion, with an operating profit of $32 million, reflecting gains across motion pictures, television and media networks. TV production revenues were up “significantly” due to higher subscription video-on-demand licensing revenues for The Crown and The Get Down. Channel revenues increased primarily due to higher advertising and subscription revenues in India, Europe and Latin America.