Sony BMG Music Entertainment more than doubled net income profits in its fiscal year ended March 31 to $178 million (17.7 billion yen) on sales of $3.93 billion (390.2 billion yen) as compared with the prior year, when it reported $84 million (9.9 billion yen) in net income on sales of $4.1 billion (483.5 billion yen).
On a before tax basis, Sony BMG produced income of $257 million (25.5 billion yen), versus the $135 million in income in the prior year (15.9 billion yen), a 90% increase in profit.
The company attributed the improved profitability to cost reductions for marketing, overhead, and from an ongoing restructuring. It also said that the company had experienced favorable impact from currency fluctuations and had posted a gain on the sale of an interest in a Sony BMG joint venture, but it didn’t specify which transaction.
Meanwhile, Sony Corp. reported net income of 369.4 billion yen ($3.72 billion) on 8.87 trillion ($89.4 billion) in sales, as compared with 126.4 billion yen ($1.04 billion) in net income on sales of 8.3 trillion yen ($70.4 billion) in the prior year.