Sony returns to profit on game software, Spotify gains

FILE - In this Feb. 2, 2017, file photo, people are reflected on a wall of the Sony showroom building at Ginza shopping district in Tokyo. Sony has reverted to profitability for the quarter through March, boosted by robust demand for game software and network services, as well as gains from Spotify, according to its report released by Friday, April 26, 2019. (AP Photo/Shizuo Kambayashi, File)

TOKYO — Japanese entertainment and electronics company Sony Corp. has reverted to profitability for the quarter through March, boosted by robust demand for game software and network services, as well as gains from Spotify.

Sony reported an 87.9 billion yen ($787 million) January-March profit Friday, a reversal from the 13.3 billion yen loss racked up the previous year.

Quarterly sales totaled 2.1 trillion yen ($19 billion), up 9% from 1.9 trillion yen.

For the fiscal year, Sony reported a near doubling in profit to 916.3 billion yen ($8.2 billion), up from 490.8 billion yen. Sales rose 1% to 8.67 trillion yen ($78 billion).

Sony got a gain for its stake in Spotify, which was publicly listed in April last year. Sony owned 5.7% of Spotify at that time. Sony has sold some of its stake in Spotify over the last year, it said.

Also helping the bottom line was its semiconductors business, but the mobile phone operations continued to lag, according to Tokyo-based Sony.

Sony's film division saw a sales dip because of the strong performance of "Jumanji: Welcome to the Jungle" and "Spider-Man: Homecoming" the previous year. Such works contributed this year in television licensing and home entertainment sales.

The company said sales in its music business remained flat but profit grew as a result of the consolidation of EMI, which has a vast music catalog. Recording artists for Sony's music business include Khalid and Justin Timberlake.

Sony, which makes Bravia digital TVs and the Aibo robotic dog, is expecting a 500 billion yen ($4.5 billion) profit for the fiscal year through March 2020, down 45% from the fiscal year just ended.

___

Follow Yuri Kageyama on Twitter https://twitter.com/yurikageyama

On Instagram https://www.instagram.com/yurikageyama/?hl=en

Must Read

Blackface in Chinese Lunar New Year sketch draws criticism

Feb 17, 2018

A comedy sketch that featured a Chinese woman in blackface has drawn accusations of racism after...

China orders actress Fan Bingbing to pay massive tax fine

Oct 4, 2018

Chinese media say tax authorities have ordered actress Fan Bingbing to pay taxes and fines but...

Hui poet fears for his people as China 'Sinicizes' religion

Dec 28, 2018

A Muslim poet fears for his people as China clamps down on minorities and religion

Zhang Yimou's 'One Second' dropped from Berlin film festival

Feb 13, 2019

The latest film from famed Chinese director Zhang Yimou has been dropped from the Berlin...

Australian DJ known as Adam Sky dies on Bali island

May 6, 2019

An Australian DJ popular on the Asian club circuit has died on the Indonesian resort island of Bali

AseanCoverage is a next-gen news site focusing exclusively on online news from South East Asia.

Contact us: sales[at]aseancoverage.com