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Sony profits up
By CMU Editorial | Published on Friday 30 July 2010
Sony Music’s revenues were up 1.3% year on year for the quarter ending 30 Jun to a rather lovely 110.3 billion yen, or $1.24 billion if you prefer (or £815 million in “proper money”). The ‘Glee’ franchise plus big releases from AC/DC, Usher and Kana Nishino all helped bring in the loot. Profits were up 39%, thanks in part to cuts in marketing and overhead costs, to 7.5 billion yen, or $84 million if you like (or £55.5 million in “real money”). So that’s all lovely.
It was a good first quarter for the whole of Sony Corp, which has been suffering quite a bit of late. Income for the whole group was up 3.8% to $18.67 billion (an awful lot in British money), with a $296 million profit compared to a loss in the same quarter a year ago. Despite Sony Music actually doing rather well, it was the electronics giant’s telly, PC and PlayStation divisions that did especially well, sending Sony’s share price up and boosting City confidence in the conglom. So, that’s all swell.
