Sony’s Q2 Profit Surges, but U.S. TV Division Down

Oct 28, 2004  •  Post A Comment

Sony on Thursday reported a 62 percent surge in fiscal second-quarter profit, though its U.S. television operation delivered weaker results in the period.

The Japanese conglomerate reported a profit of 53.2 billion yen ($501.4 million), versus a year-earlier profit of 32.9 million yen. Revenue slipped 5 percent to 1.7 trillion yen ($16 billion) from a year-earlier 1.8 trillion yen.

Sony Pictures Entertainment, which last month led a consortium of investors that inked a deal to acquire film studio Metro-Goldwyn-Mayer for $4.7 billion, swung to a profit of 27.4 billion yen ($258.3 million) after posting a 4.6 million-yen loss a year ago.

Revenue was up 2 percent to 191.7 billion yen ($1.8 billion) due to the box-office success of the film “Spider-Man 2.” That helped to offset weaker revenues in the television division, whose robust DVD sales of television library product failed to offset the lack of a large syndication deal in the quarter.