LG
05-10-2013, 02:08 AM
"Skyfall" and "The Amazing Spider-Man" help offset declines in electronics and gaming
Sony clawed its way back to profitability for the first time in nearly five years.
The sale of several buildings combined with a favorable exchange rate helped the struggling electronics and media company post a profit of 43 billion yen ($458 million) for the financial year. Sony hasn't been in the black since 2008.
Revenues at the company rose nearly 5 percent to 6.8 trillion yen ($72.3 billion).
The company projects it will remain profitable going forward, estimating that it will post profits of 50 billion yen ($505 million) through March 2014.
Sony's gaming, electronics and home entertainment businesses continued to slide, posting double-digit declines.
However, its film division was a source of strength thanks to global blockbusters such as "Skyfall" and "The Amazing Spider-Man." The company acknowledged that its remake of "Total Recall," which cost $125 million to make and grossed less than $200 million, was a sore spot.
Overall, the studio saw profits rise 40 percent for the year to 47.8 million yen ($509 million).
TheWrap
Sony clawed its way back to profitability for the first time in nearly five years.
The sale of several buildings combined with a favorable exchange rate helped the struggling electronics and media company post a profit of 43 billion yen ($458 million) for the financial year. Sony hasn't been in the black since 2008.
Revenues at the company rose nearly 5 percent to 6.8 trillion yen ($72.3 billion).
The company projects it will remain profitable going forward, estimating that it will post profits of 50 billion yen ($505 million) through March 2014.
Sony's gaming, electronics and home entertainment businesses continued to slide, posting double-digit declines.
However, its film division was a source of strength thanks to global blockbusters such as "Skyfall" and "The Amazing Spider-Man." The company acknowledged that its remake of "Total Recall," which cost $125 million to make and grossed less than $200 million, was a sore spot.
Overall, the studio saw profits rise 40 percent for the year to 47.8 million yen ($509 million).
TheWrap