Sony posts 180.5% profit surge in Q1 2017

Sony Corporation announced its operating income for the first quarter of 2017, posting a 180.5 percent year-on-year increase against the same period last year. The operating profit was attributed mainly to the increasing sales of imaging products and solutions (IP&S).
Concluding June 30, the operating income for the quarter amounted to $1.407 billion, up 180.5 percent from $501.78 million in Q1 2016. The sales and operating revenue for Q1 reached $16.59 billion, a 15.2 percent increase from $14.4 billion from the same period last year.
The IP&S revenue increased from $1.09 billion to $1.39 billion, while operating income for the division rose 209.1 percent to $207 million in Q1 2017 from $66.9 million of Q1 2016.
The home entertainment & sound (HE&S) segment sales increased 9 percent year-on-year to $2.29 billion. This increase was primarily due to an improvement in the product mix reflecting a shift to high value-added models, partially offset by a decrease in unit sales, both in televisions.
The operating income increased from $20 million year-on-year to $202 million.
Taro Kimura, managing director, Sony MEA, said: “Our growth strategy across the Middle East and Africa region is aligned with our global strategy.
“We are confident that the launch of our new flagship models and most innovative products — BRAVIA OLED TV A1 and 9 — will contribute to the overall growth. With a more focused product portfolio, we aim to continue to achieve our top-line growth and overall strategic objectives.”
Meanwhile, semiconductor sales rose 41.4 percent year-on-year to $1.82 billion for the quarter, which was partly due to an increase in unit sales of image sensors for mobile products. As a result, operating income for the division rose to $494 million from the $388 million reported for the same quarter in the previous year.
While sales for Sony’s mobile division dropped 2.5 percent to $1.61 billion, operating income rose 771.3 percent to $32 million, mainly due to reductions in operating costs and R&D expenses. Financial services revenue rose to $2.7 billion while the music income increased 57.6 percent year-on-year to $223 million. The games & network services income, on the other hand, declined 59.7 percent year-on-year.

Source: Arab News