Sony Pictures Profits Slip by 10%, Despite Marginal Sales Gain

Sony Group Corporation saw its sales climb by 19% to JPY13

Published Time: 14.05.2024 - 09:31:29 Modified Time: 14.05.2024 - 09:31:29

Sony Group Corporation saw its sales climb by 19% to JPY13.0 trillion in its financial year to March 2024, boosted by a sharp depreciation of the Japanese currency. Net profits for the group were down 3% to JPY971 billion.

It was a similar scenario at Sony’s ‘pictures division,’ which comprises theatrical film, TV networks and television content production. Net profits were down by 10% in dollar terms at $808 million, compared with $895 million a year earlier. That was despite sales that were up 2% to $10.3 billion.

But in the Japanese parent group’s accounts the greater value of these dollar profits showed much smaller decline when expressed in Japanese Yen. Net pro -

fits for the pictures division in 2023-24 came in at JPY118 billion compared with JPY119 billion a year earlier.

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

More to follow.

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