Financials
Goodwill impairment at Pictures segment impairs Sony’s income
BENGALURU: Sony Corporation (Sony) reported a 1.9 percent or ¥5.5 billion decline in consolidated operating income for the fiscal ended 31 March 2017 (FY-17, current year) as compared to FY-16. The company says that this was mainly due to the US$962 million (¥112.1 billion yen) impairment charge of goodwill recorded in the Pictures segment, substantially offset by an improvement in the operating results of the Mobile Communications (MC) segment and an increase in the operating income of the Game & Network Services (G&NS) segment.
Due to the revision, Sony says that it was determined that the entire amount of goodwill, in the Production & Distribution reporting unit of the Pictures segment, which includes the Motion Pictures business, was impaired and an operating loss was recorded in the Pictures segment, says the company.
Sony’s Pictures segment is comprised of the Motion Pictures, Television Productions, and Media Networks categories.
Sales for the Pictures segment decreased 3.7 percent in FY-17 (a 5 percent increase on a U.S. dollar basis) to ¥903.1 billion, primarily due to the impact of the appreciation of the yen against the U.S. dollar. The increase in sales on a US dollar basis was primarily due to higher sales for Television Productions and Media Networks. Sales for Television Productions increased primarily due to higher subscription video-on-demand (SVOD) licensing revenues. The increase in sales for Media Networks was due to higher advertising and subscription revenues mainly in India, Latin America and the US says the company.
The Pictures segment’s reported operating loss of ¥80.5 billion, compared to operating income of ¥38.5 billion in the previous fiscal year. This significant deterioration in operating results was primarily due to the above-mentioned 962 million U.S. dollars (¥112.1 billion) impairment charge of goodwill. The operating results for the Pictures segment were also negatively impacted by higher programming and marketing expenses for Media Networks as well as higher theatrical marketing expenses for Motion Pictures.
Sony’s consolidated sales and operating revenue decreased by 6.2 percent to ¥7,603.3 billion compared to the previous fiscal year’s ¥8,105.7 billion. This decrease was mainly due to the impact of foreign exchange rates says the company.
Net income attributable to Sony Corporation’s stockholders, which deducts net income attributable to non-controlling interests, decreased ¥74.5 billion to ¥73.3 billion yen in FY-17 from ¥ 147.8 billion in the previous year.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
