Sony Pictures Entertainment up sales, but reports quarterly loss
Sony Pictures Entertainment, which includes Sony’s TV networks and feature film units, has increased sales but recorded an operating loss for the three months to end-June. SPE reported a 6.2% increase in quarterly sales of US$1.9 billion (€1.5 billion). The company said that higher theatrical revenues and sales of its made for cable TV programming in the US were responsible.
However, advertising revenues from Sony’s Indian TV channels operations weighed on earnings and were responsible, in part, for the reported operating loss of US$62 million. That compares with a profit of US$54.9 million in the same period a year earlier, although that quarter also included a one-off US$28.1 million payment Sony received for selling its 20% stake in Shine, which was sold to News Corp.