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  HOME | Business & Economy (Click here for more)

Sony’s Net Profit Drops 14.9% between April-September

TOKYO – Japanese conglomerate Sony’s year-on-year net profit dropped by 14.9 percent to 340 billion yen ($3.12 billion) between April and September, the first half of Japan’s fiscal year, according to a financial report published on Wednesday.

The tech giant’s operating profit, however, climbed to 509.88 billion yen, 17.3 percent higher year-on-year.

The firm’s sales revenue fell by 2.1 percent in the same period to 4.05 trillion yen.

Sony released the data in its financial statement for the second quarter (July-September), a period in which its net profit increased by 11.4 percent to 148.59 billion yen due to the better performance of its Imaging & Sensing Solutions (I&SS), Picture and Music segments.

The I&SS segment experienced a rise of 59.5 percent in its operating profit and sales increased by 22 percent, reaching 310.7 billion yen in Q2 of financial year 2019.

The Picture and Music segments also witnessed growth in operating profit and sales.

The operating profit of the picture segment increased by 67.2 percent and sales went up by 8 percent reaching 260.6 billion yen, while the operating profit of the music sector increased by 19 percent and sales grew by 7.6 percent to 219.3 billion yen.

The Game & Network Services segment – among Sony’s leading sectors – faced a drop in profits. In Q2, its operating profit fell by 28.3 percent to 65 billion yen and sales dropped by 17.4 percent to 454.4 billion yen.

Despite the drop in profits, Sony on Wednesday raised its profit forecast for the current fiscal year, in which it expects to pocket net profits of 540 billion yen, 8 percent more than its initial estimate in July.

It also increased its operating profit forecast by 3.7 percent to 840 billion but reduced its sales forecast by 2.3 percent, putting it at 8.4 trillion yen.

 

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