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Sony Corp boss dismisses possibility of selling music division

RHIAN JONES
Sony Corp boss dismisses possibility of selling music division

Sony Corp. chief executive Kazuo Hirai has said there are no plans to sell the company’s music division, after it posted an operating profit of 36.9bn Yen (£287m) for the year to end of March 2012.

The profit was made on sales of 442.8bn Yen (£3.49bn), and came despite a rocky time for parent Sony Corp, which posted a record annual net loss of 456.7 billion yen (£3.57bn).

Instead of divesting its movie, music and games units, the company is predicting a return to operating profit in the next fiscal year by cutting losses around its television business.

Speaking at the Consumer Electronics Show, where Sony unveiled a new service that will deliver ultra-high resolution 4K video to consumers, Hirai said focus will be on the synergies between content, services and devices and narrowing its focus on digital imaging, mobile and games.

Elsewhere, Sony's Music, Pictures, Financial Services and Mobile Communications divisions all posted profit, but its Consumer Products and Services segment recorded a huge annual operating loss of 229.8bn Yen (£1.79bn).

Simco saw turnover nearly double from to £54.7m from £28.1m YoY, pre-tax profits climbed 38pc to £32.6m.

Sony Music UK revenues dipped 2.4% to £191m in the 12 months to March 31 2012, but international demand for artists such as One direction and Paloma Faith grew pre-tax profits 128% to £15.2m.

Source: Billboard

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Tags: Sony Music, Sony Corp, Kazuo Hirai

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