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Sony Pictures Posts $100M Quarterly Loss, Cuts Forecast

(CelebrityAccess)–Sony Pictures posted a loss of $103 million for the April to June quarter, despite sales rising 20 percent on a dollar basis and 7 percent once converted into yen.

The recent strengthening of the yen has reduced the value of dollar earnings when they are repatriated to Japan.

The Angry Birds Movie and higher television advertising revenue in India and South America helped boost income, along with increased television licensing fees. The loss for the quarter was around 10 percent lower than for the corresponding period in 2015.

Sony cut the full-year sales forecast for the pictures division by 9 percent to ¥920 billion ($8.86 billion at current exchange rates), reducing its operating profit prediction from ¥43 billion to ¥38 billion ($365 million).

Sony Corp. posted group-wide net income of $205 million (¥21 billion), down 74 percent over the same quarter last year. Sales at its smartphone and semiconductor businesses were down, partly offset by the ongoing strong performance of the PlayStation 4 console. -Staff Writers