Sony Pictures’ profits fall 10% despite marginal revenue gains

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Sony Group Corporation saw its revenue rise 19% to JPY13.0 trillion in the fiscal year to March 2024, boosted by a sharp depreciation of the Japanese currency. The group’s net profit fell 3% to JPY971 billion.

It was a similar scenario at Sony’s “pictures division,” which includes theatrical films, TV networks and television content production. Net profit fell 10% in dollar terms to $808 million, compared to $895 million a year earlier. This despite a 2% increase in sales to $10.3 billion.

But in the Japanese parent group’s accounts, the larger value of these dollar gains showed a much smaller decline in Japanese yen terms. Net profit for the photo division in 2023-2024 was JPY118 billion, compared to JPY119 billion a year earlier.

Ahead of the results announcement, Sony’s shares on the Tokyo Stock Exchange ended trading on Tuesday at JPY11,930 each. The shares, traded in ADR form in New York, closed Monday at $76.15, about 20% below their 12-month high.

More to follow.

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