Sony Corp. has reported its fiscal fourth quarter results, and the Japanese electronics giant has turned a $948 million profit in Q4, thanks to a weakened yen helping its overseas earnings. After four straight years of reporting a loss, Sony also turned a profit for the full fiscal year (which ended March 31), reporting $434 million in earnings. This was a major jump from its previous fiscal year loss of $5.7 billion.
The Sony Music division turned an profit in the company's fiscal 2013 as well, reporting $396 million in operating profit. Sales for Sony Music were essentially flat, down by 0.2 percent to $4.69 billion. The slight decline was attributed to "continued worldwide contraction of the physical music market and the impact of a larger number of successful releases in Japan in the previous fiscal year, offset by the favorable impact of the depreciation of the yen against the U.S. dollar, and growth in digital revenue."
Sony's best selling titles during its fiscal year included One Direction’s Take Me Home and Up All Night, P!nk’s The Truth About Love and Justin Timberlake’s The 20/20 Experience.
In a statement, Sony added that, "Although the physical music market is expected to continue its worldwide contraction, sales are expected to increase primarily due to the year-on-year depreciation of the yen in the assumed foreign exchange rates and an increase in digital revenue. Operating income is expected to increase slightly due to the above-mentioned reasons for the increase in sales."