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Entertainment Revenues Climb, But Sony Group Quarterly Profits Tumble

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Japanese electronics and entertainment conglomerate, Sony Group saw revenues rise in its music, games and pictures units in the second quarter of its current financial year. But group profits were halved from JPY459 billion to $2.50 billion (JPY283 billion).

The company reported its figures for the three months from July to September on Thursday afternoon local time.

In recent months, Sony has completed its acquisition of specialty anime streamer Crunchyroll and announced the proposed purchase of Firesprite. It also recently announced plans to sell GSN Games to Scopely for $1 billion, which it said would generate a gain that the group would likely show as operating profit.

In September, Sony said that it would merge its Indian TV business with Zee Entertainment Enterprises. Parts of the deal, notably the choices of the merged group’s senior management, are being contestedin court by minority investrors.

Prior to the results on the group’s Tokyo-traded shares had come off their recent highs to finish 1% lower at JPY12,970 on Thursday. In New York, the group’s ADR shares had fallen 3.3% on Wednesday to $113.23.

– More to come.

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