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Sony sets stiff sales targets for pictures and music segments
MUMBAI: Japanese consumer electronics conglomerate Sony has announced its financial targets for the Pictures and Music segments for the fiscal year ending 31 March 2018.
For Pictures, Sony has targeted sales of $10~11 billion. The operating income margin is expected to be 7~8 per cent.
In music, the company targets sales of $4.8~5.2 billion. The operating income margin is expected to be 10.5~11.5 per cent.
Sony also announced that it has increased its approximately $250 million in targeted overhead and procurement savings in its Pictures segment that it announced in November 2013. This will go up by $50 million, for a total of approximately $300 million. Sony expects these annualised savings to be fully implemented by the end of the fiscal year ending 31 March 2016.
Sony CEO Kazuo Hirai said at an investor meeting, “I understand that everyone expects me to show how Sony can be changed into a highly profitable company and to unveil a roadmap toward growth for the overall company. Entertainment business is an extremely important part of Sony. While it may seem like electronics is Sony’s main business and entertainment a sideline occupation, the entertainment business has been profitable for 18 straight years, delivering steady earnings.”
Hirai also called Sony’s film business a major pillar of the group that has been producing steady profits.