It was the strong dollar that did the business for Sony Corp’s fiscal first quarter figures, and the company also benefited from robust sales of electronics products worldwide. There were also strong gains in its Pictures Group, even though it failed to find box office success in either its Columbia or Tri-Star movie operations in […]
It was the strong dollar that did the business for Sony Corp’s fiscal first quarter figures, and the company also benefited from robust sales of electronics products worldwide. There were also strong gains in its Pictures Group, even though it failed to find box office success in either its Columbia or Tri-Star movie operations in the US. Group net profit in the quarter rose 129% to the equivalent of $159m on revenue up 30.9% to $10,900m. With more than 70% of its business overseas, the weaker yen gave a large boost to revenues when translated back into the Japanese currency. Profits in the electronics group, the largest division, jumped 343% to $365.5m and sales of PlayStation video games players and digital cellular phones were among the strongest areas in that group. Sony said its inventory adjustments on a group basis were almost complete by the end of June. Sony’s dollar-based sales of computer peripherals, such as CD-ROM drives and semiconductors, had slowed, affected by a soft US computer market. The company also said it would issue bonds with warrants as part of a performance incentive scheme for senior executives.
