Sony Corp’s music division posted an operating income of 10.8 billion yen (approx. $109 million, £72.3m) in Q1 of its 2013 financial year.
The figure was up from 7.3bn yen (approx. £48.8m) at the same point 2012 – an increase of around 48%.
Meanwhile sales saw a +13.3% change in yen year-on-year from 98.8 billion yen to 112.0 billion yen ($1.131m, £721,393).
Sony Corp overall posted an operating income of 30.1 billion yen year-on-year to 36.4 billion yen ($367m, £234m) and net income attributable to Sony Corporation’s stockholders of 3.5bn yen ($35m, £22.3m) compared to a net loss of 24.6bn yen in the same quarter in the last fiscal year.
Sony Corp’s music arm includes Sony Music Entertainment, Sony Music Entertainment (Japan) and Sony/ATV Music Publishing.
The company did attribute music’s sale increase primarily to the favourable impact of the depreciation of the yen against the US dollar and said that on a constant currency basis they remained flat year-on-year due to the growth in digital revenues and the success of a number of releases in the US and Europe being offset by the continued contraction of the physical market.
It flagged up Daft Punk’s Random Access Memories, Pink’s The Truth About Love and Justin Timberlake’s The 20/20 Experience as best-selling titles.
The 3.5 billion yen increase in operating income was primarily due to the favourable impact of the depreciation of the yean and an improvement in equity earnings, according to Sony Corp.
It also said, however, that the quarter’s operating results had benefitted from the equity earnings of EMI Music Publishing, which was acquired in 2012.