Deadline – Sony’s Pictures Division Reports Loss Of $719M; Company’s Overall Net Profit Takes 50% Hit

An almost $1 Billion impairment charge leaned heavily on the company’s bottom line. However, Sony projects that expansion in its gaming, semiconductor, and film businesses will buoy operating profits to a 20 year high in 2018.

April 28, 2017

‘Sony has recorded a full-year net profit of $655M, a 50% fall from the previous year, while its Pictures division posted a loss of $719M year-on-year, driven by box office underperformance. Sales and operating revenue for the division sat at $8B overall.

The results fall in line with the company’s recent revision of results: It’s nine month results saw a $913M loss in the Pictures division, largely related to a $962M impairment charge of goodwill, which was included in Sony’s full year figures. It said it expected the division to return to profit after the write down.’

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Breakdown of Growth Projections