Sony Corporation said its consolidated sales income grew 9 per cent in the financial year 2020while the operating income grew 15 per cent year-on-year against the same period last year, both touching record highs.

The company has attributed the robust growth to the Game & Network Services (GNS) and Financial Services segments.

Concluding March 31, 2021, the recorded operating income for FY20 was $9.1 billion up by 15 per cent from $ 7.96 billion (¥845 billion) in FY2019. Meanwhile, sales amounted to $ 84 billion against $77.8 billion from last year, hence registering an increase of $ 6.97 billion.

Sony’s GNS segment witnessed an increase of $ 6.4 billion or 34 per cent in revenues compared to FY19. The consolidated sales clocked $ 25 billion while the operating income touched $ 3.22 billion in FY20. The increase in operating income was primarily due to an increase in sales of game software and network services, partially offset by an increase in selling, general and administrative expenses associated with the launch of thePlayStation5.

The financial services segment saw revenue grow 28 per cent year on year to $ 15.73 billion and the operating income increased by $329.87 million to touch $1.55 billion. The Music category also recorded an increase in sales and operating profits.

Two other major categories, Electronics Products & Solutions Segment (EP&S Segment) and Imaging & Sensing Solutions Segment (I&SS Segment) both saw decrease in sales. However, EP&S registered a significant increase in operating profit.

“Here in the Middle East & Africa region, most categories showed a positive performance, with robust growth in the sale of electronics and imaging solutions. In keeping with Sony’s culture of constant innovation, we will be building on this success with the launch of new products in the digital imaging, television and audio products categories,” said Takakiyo Fujita, Managing Director, Sony Middle East and Africa.

“The powerful full-frame mirrorless cameras A7C and A7SIII helped Sony increase market share in the high-end camera segment as well as the V-logging camera ZV-1, while Bravia 4K and 8K LED TVs and new range of OLED TVs consolidated Sony’s leadership in the highly competitive televisions market.  Our new partnerships with OTT providers, announced last year, have added more value for consumers. We are optimistic these are likely to translate into a positive impact in the near future,”

The consolidated sales forecast for FY2021 are expected to be $91.4 billion while operating income is expected to be $8.76 billion, a Sony statement said. – TradeArabia News Service