Sony Sales, Net Profits Sharply Higher but Target Missed

Sony earned sharply higher net profits in the financial year just ended on the back of stronger sales, but missed an already-lowered operating profit target, it said Wednesday.

The company reported net profits of ¥369 billion (US$3.5 billion) for the year to March with sales up 7 percent to ¥8.9 trillion.

Operating profit, which more closely measures the profitability of Sony's core electronics operations and excludes most non-core and one-time gains and charges, was ¥374 billion, more than four times those reported in the previous year, but less than Sony's target of ¥410 billion. Sony had originally forecast an operating profit of ¥440 billion but revised it down three months ago.

Sony Corp. Fiscal Year 2007 Earnings Table

Fiscal year 2007 Fiscal year 2006 Percentage change

Sales and revenue ¥8.9 trillion ¥8.3 trillion +6.9 percent

Operating profit ¥374.5 billion ¥71.8 billion +421.9 percent

Net profit ¥369.4 billion ¥126.3 billion +192.4 percent

Source: Sony Corp.