Aided by the performance of box office hits Spider-Man: Homecoming and Jumanji: Welcome To The Jungle, Sony Pictures Entertainment recorded a full-year profit of $376M (41.1B yen) compared to a $719M loss in 2016. Revenues in the division increased 12% to $9.25B (1.011B yen), the Japanese conglom said today in announcing its results for the fiscal year ended March 31, 2018.
The significant increase was due to higher sales in Media Networks, Motion Pictures and Television Productions, the company said. It also helps that this year’s operating results were absent the $962M impairment charge recorded last year.
Media Networks sales increased primarily due to higher advertising and subscription revenues thanks to the acquisition of TEN Sports Network and improved ratings, both in India. Motion Pictures sales saw a big hike on the back of Spider-Man: Homecoming‘s $880.2M worldwide box office and the surprise success of Jumanji which has grossed $956.6M so far.
Television Productions sales increased due to higher licensing revenues for various U.S. series including The Goldbergs, The Good Doctor and Philip K. Dick’s Electric Dreams, partially offset by lower television licensing revenues for catalog product.
In forecasting the fiscal year ending March 31, 2019, Sony expects sales to decrease in Pictures, primarily due to the impact of foreign exchange rates. Operating income is expected to be essentially flat.
Sony overall is coming off a best-ever Q3 profit that was largely aided by activity in the games and image sensors businesses. Notably, the Pictures segment saw a huge upwards swing when those results were reported in February, also partly thanks to the outsize performance of Christmas holdover Jumanji.
Sony Corp’s full sales jumped 12.4% for the fiscal year with $4.43B in net income attributable to stockholders. The Games division increased operating income to $1.62B (177.5B yen), a 42% jump thanks to PlayStation4 software sales and a hike in subscribers for the PlayStationPlus paid membership service.
This is the first full-year report since Sony’s new chief executive, Kenichiro Yoshida, took over from Kazuo Hirai on April 1 and folks will be looking to see him continue and maintain the turnaround as he fully settles into the new job.