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SPE Loss Hurts Sony’s Q2 Profit

Oct 27, 2005  •  Post A Comment

Japanese conglomerate Sony reported Thursday that its fiscal second-quarter profit sank 47 percent to 28.5 billion yen ($247.2 million), due partly to a weaker performance at the film and television operations of Sony Pictures Entertainment.

Revenue was essentially flat at 1.7 trillion yen ($14.7 billion) for the three-month period ended Sept. 30. The company attributed the revenue number to flat television set sales and a decline in revenue at SPE, which offset gains at Sony’s games and financial services units.

SPE, meanwhile, posted an operating loss of 6.6 billion yen ($57.2 million) on a 17 percent decline in revenue to 158.9 billion yen ($1.4 billion). The company blamed the results on difficult comparisons with a year ago, when the unit got a huge lift from the strong box-office performance of “Spider-Man 2”; poor box office sales this year of the film “Stealth” and the lack of major syndication revenue at the television operation.