Sony BMG Loses $49 Million Last Quarter
July 29, 2008
By Ed Christman, N.Y.
Sony BMG Music Entertainment lost $49 million (5.2 billion yen) on sales of $820 million ($87.06 billion yen) in its fiscal first quarter ended June 30.
That represents a downturn from the $21 million (2.2 billion yen) in net income the company posted in the corresponding period in the prior year, and a 6.3% drop in sales from the $875 million (92.9 billion yen) it rang up then.
Best selling released were Usher's "Here I Stand," Leona Lewis' "Spirit," and Neil Diamond's "Home Before Dark."
Meanwhile, Sony Corp, which owns 50% of Sony BMG, posted 35 billion yen ($330 million) in net income on revenues of 1.98 trillion yen ($18.7 billion). In a statement, Sony said that Sony BMG's performance resulted in a 2.5 billion yen ($24 million) loss against Sony Corp shareholder equity, which stood at 3.6 trillion yen ($33.9 billion) at the end of the quarter.
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