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2 February, 2019 09:11:13 AM

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Sony nine-month net profit soars on games, music

AFP, Tokyo
Sony nine-month net profit soars on games, music

Japanese electronics giant Sony said on Friday that nine-month net profit jumped 63.2 per cent on-year, led by its games and music divisions, while tax benefits allowed the firm to raise its annual forecast.

But the electronics and entertainment giant lowered its annual sales forecast, citing slower-than-expected sales in a range of fields including the key semiconductor unit. The company said its April-December net profit reached 828.4 billion yen ($7.6 billion), while operating profit rose 13.9 per cent to 811.5 billion yen.

However, revenue dipped 0.8 per cent to 6.54 trillion yen.

While the company said it expected sales to fall in a range of fields, it added many of its key segments should meet forecasts including its games, music, movie, television and audio operations.

Before the announcement, analysts said the company was expected to continue seeing improvement after years of painful losses. “Sony remains on a recovery track,” Hideki Yasuda, an analyst at Ace Research Institute in Tokyo, told AFP ahead of the announcement.

“Its game sector has continued spearheading its recovery although sales of PS4 consoles are gradually slowing down.”

Sony’s movie segment also drove profits, said Yasuo Imanaka, an analyst at Rakuten Securities.

“Its recent box-office movies are now generating profit through sales of DVD and Blu-ray discs as well as profits from their television licence fees,” he told AFP ahead of the announcement.

BK

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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