Sony Pictures Division Hit By Losses In Quarterly Earnings


Sony Pictures Division, the Japanese conglom’s unit comprising Sony Pictures’ studio and TV networks, posted a loss of $103 million for the April to June quarter despite a 7% increase in revenue. That is partly down to the strong Yen, which has meant less earnings for the company when converted into dollars. Across Sony Corp net income was $205 million, down 70% on earnings in the same quarter last year. The powerful earthquake in Kumamoto in April was a notable factor, forcing Sony execs to suspend production on its semiconductor plants for a time. Smartphone sales were also down. Sony Corp cut its full year forecast for the pictures division by 9% to an estimated $8.86 billion (920 billion Yen). It also predicated a drop in its operating profit to $365 million (38 billion Yen), repping a 12% downwards forecast.

Sony Pictures Division was boosted by revenue from the Angry Birds feature film ($336 million worldwide gross) as well as higher TV ad revenues in India and Latin America although the value of those revenues varies depending on the exchange rate.

Sony revealed George Clooney-starrer Money Monster had worldwide gross revenues of $87 million, split 50-50 between domestic and international cumes.  Sony Pictures currently has the all-femme Ghostbusters reboot in theaters. The studio’s The Magnificent Seven, with Denzel Washington and Chris Pratt, was announced this week as the opening film at Toronto. Sony is also banking on strong gross for Tom Hanks-starrer Inferno co-starring the wondrous Felicity Jones.


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