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Sony net profit halved due to film losses

dpa logodpa 28/04/2017

Sony, the maker of Xperia smartphones and PlayStation consoles, posted a net profit $A883 million for the year to the end of March, down 50 per cent.

Sony's net profit for the last financial year fell 50.4 per cent as its pictures division incurred huge losses.

Sony, the maker of Xperia smartphones and PlayStation consoles, posted a net profit of 73.3 billion yen ($A883 million) for the year to the end of March, compared with a net profit of 147.8 billion yen in fiscal 2015.

Sony said its operating profit for the year declined 1.9 per cent from fiscal 2015 to 288.7 billion yen, while sales fell 6.2 per cent to 7.6 trillion yen.

Sony's pictures division posted an operating loss of 80.5 billion yen for the last financial year.

For the January-to-March period, Sony booked a net profit of 27.7 billion yen, a turnaround from a net loss of 88.3 billion yen for the same period last year, while it logged an operating profit of 94.4 billion yen, compared with an operating loss of 92.9 billion yen the year before.

Sales grew 4.4 per cent from a year earlier to 1.9 trillion yen for the quarter, Sony said.

Sony forecast a net profit of 255 billion yen for the current financial year to March 2018, an operating profit of 500 billion yen and sales of 8 trillion yen.

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