TOKYO: Sony Corporation today announced its consolidated results for the third quarter ended 31 December 2002. Consolidated sales increased slightly year on year to achieve a quarterly record for Sony of Yen 2,307.7 billion ($19.2 billion).
Operating income increased Yen 40.9 billion year on year to Yen 199.5 billion ($1.7 billion). Net income reached Yen 125.4 billion ($1.05 billion), the highest quarterly net income Sony has ever recorded. The depreciation of the Yen against the euro had a positive impact on results.
Despite prior concerns that sales over the year-end selling season, especially in the US would be slow, Sony performed relatively well, achieving record sales and net income for the third quarter of the fiscal year. Sales in the pictures segment increased by Yen 98.0 billion but sales to external customers in the Electronics segment decreased by Yen 59.7 billion.
Operating income in the pictures segment increased Yen 31.4 billion due to the contribution of record home entertainment sales mainly from last summers theatrical releases like Spiderman, Men In Black II.
The electronics segment achieved a Yen 10.1 billion increase in operating income due to the depreciation of the yen against the euro and further cost reductions. Operating income in the game segment increased Yen 5.3 billion because of the strength of software sales, the depreciation of the yen against the euro, and continuing reductions in the cost of manufacturing hardware.
Electronics Sales and Operating Revenue to Customers by Product Category