Sony Stock Up As Q3 Profit Climbs, Backs FY16 Forecast

(RTTNews) - Shares of Sony Corp. (SON.L, SNE) gained around 6 percent in Tokyo trading after the Japanese consumer electronics maker reported Friday significant profit increase in its third quarter, while sales increased slightly. Further, the company maintained its full-year outlook, and also declared a dividend.

For the third quarter, net income attributable to stockholders climbed 33.5 percent to 120.13 billion Japanese yen or $1 billion from last year's 89.97 billion yen.

Earnings per share were 93.33 yen or $0.78, up 21.3 percent from 76.96 yen a year ago.

Operating income increased 11 percent year-on-year to 202.15 billion yen or $1.69 billion, primarily due to improvements in the results of Pictures, the MC segment and the G&NS segments.

Sales and operating revenue edged up 0.5 percent to 2.58 trillion yen or $21.51 billion from prior year's 2.57 trillion yen. On a constant currency basis, sales were essentially flat year-on-year.

In the quarter, Game & Network Services segment sales grew on a significant increase in PlayStation4 software sales, and in Pictures segment sales reflected a significant increase in Motion Pictures sales.

These were almost offset by decrease in Mobile Communications sales reflecting a significant decrease in smartphone unit sales. Devices segment sales also were negatively affected by a significant decrease in image sensor sales.

Imaging Products & Solutions sales decreased 5 percent primarily due to decreases in unit sales of video cameras and digital cameras.

Home Entertainment & Sound sales also were down 4.3 percent on a decrease in unit sales of LCD televisions, and home audio and video unit sales.

Looking ahead for the full year, Sony continues to expect attributable net income of 140 billion yen, compared to last year's loss of 126 billion yen, and operating income of 320 billion yen, compared to last year's 68.5 billion yen. Sales and operating revenue for the year is still projected to be 7.9 trillion yen, a drop of 3.8 percent from the previous year.

Further, Sony said it plans to pay 10 yen per share as the year-end dividend, resulting in a total dividend of 20 yen per share for the fiscal year ending March 31, 2016.

In Japan, Sony shares gained 6.10 percent on Friday's trading and settled at 2,523 yen.