Authorization

Sony profits rise almost seven-fold to $4.5bn

The Japanese electronics to entertainment specialist Sony has announced annual net profits of $4.5bn (?3.2bn) despite a drag from its mobile phone unit.
It represented a near seven-fold rise on the previous year to March, as its recovery was supported by better sales of image sensors for smartphones, movies and improvement in its finance businesses.
However, the bumper profits announcement was tempered with caution that the current year would likely result in a dip in earnings as favourable foreign exchange rates for the yen turn sour.It reported a 12.4% rise in sales for 2017 while the sale of some assets also boosted its performance, Sony said.The company, which recently appointed a new management team, said its game division recorded an 18% rise in revenue, mostly due to an increase in PlayStation 4 software sales and rising paid membership rates.
Sony profits rise almost seven-fold to $4.5bn

Image:
A Sony Playstation VR headset
On the flip side mobile phone sales - long a drag on the company's performance amid stiff competition - continued to decline.
Sony forecast a modest 2.2% fall in net profits for 2018/19.Its statement said: "Consolidated sales for (the ongoing year) are expected to decrease year-on-year primarily due to the impact of foreign exchange rates and an expected decrease in sales in the (mobile communications) segment.
More from Business

Sainsbury's and Asda in talks about shock ?10bn grocery merger


New laws to tackle foreign money laundering


Construction plunge and Beast leave economy cold in first quarter


The obvious Brexit link in the UK's economic slowdown


DIY sector sums up need for economic improvement


Sorrell pay cut by 70% to ?13.9m in final year at WPP

"Consolidated operating income is expected to decrease year-on-year mainly due to an expected decrease in operating income in the semiconductors segment," it added.Shares - up more than 6% so far this year - were 0.8% lower in Tokyo by the close, reflecting the updated guidance.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2018    »
ПнВтСрЧтПтСбВс
 12345
6789101112
13141516171819
20212223242526
2728293031