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Sony Reports Higher Sales, Higher Net Loss

Tokyo — Sony reported higher operating revenue but lower operating income, due to its movie business, and a higher net loss in its fiscal second quarter. 10/31/2013 05:31:00 AM Eastern

Tokyo — Sony reported higher operating revenue but lower operating income, due to its movie business, and a higher net loss in its fiscal second quarter.

The decrease in operating income was due to a “significant decline” in its pictures segment, which offset “significant improvement” in its mobile products and communications (MP&C) segment, reflecting strong smartphone sales, favorable foreign exchange rates and an improvement in its TV operations.

Sales for the quarter were $18.1 billion, up 10.6 percent in yen, with operating income at $151 million, down 51.2 percent in yen from the prior year’s second quarter.

The net loss increased 3.8 billion yen year on year to 19.3 billion yen, or $197 million for the quarter.

In its home entertainment and sound segment, sales were up 11.8 percent in yen, or $2.69 billion, with its operating loss dropping from 15.8 billion yen to 12.1 billion for this year’s second quarter. In TVs, sales increased 18.7 percent year on year to $1.77 billion due to favorable exchange rates. The operating loss decreased for TVs due to cost reductions and decrease in unit sales of LCD TVs year on year.

In the MP&C segment, sales increased 39.3 percent year on year to $4.27 billion due to exchange rate improvements, more smartphone unit sales and higher average selling prices of smartphones, which also reduced the segment’s operating loss.

For the game segment, sales were up 5.1 percent in yen, or $1.58 billion. The operating loss was 0.8 billion yen, or $8 million, down year on year from 2.3 million yen.

Sales in its imaging products and solutions segment decreased 6.9 percent year on year, to $1.79 billion, due to unit sales declines in video and compact digital cameras. The operating loss was 2.3 billion yen, or $24 million, compared with income of 2.2 billion yen in the prior year’s second quarter.

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