Pictures Division Decreases Weigh on Sony Group’s Quarterly Results
variety.comPatrick Frater Asia Bureau Chief Significant decreases in profits at the pictures division and financial services led Japanese electronics and entertainment conglomerate Sony to reveal corporate-wide revenues that increased by a third, but net profits that slipped by 17%, for the first quarter of its financial year.
In the April to June period group revenues weighed in at JPY2.23 trillion (up 33% year on year) or $21.6 billion at current rates of exchange.
Net income of JPY218 billion (or $1.59 billion) in the latest quarter compared with JPY261 billion ($2.02 billion) in the comparable first period of last year.
The pictures division, which spans feature film, TV production and TV networks, reported revenues of $2.33 billion (compared with $2.64 billion in the same quarter last year) and operating profits of $115 million, compared with profits of $394 million.
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