Sony OZ Finally Cracks A Profit As Revenues Rise
Sony are back on the up and up, with the local subsidiary Sony Australia, reporting a $7M profit for the last financial year.
This compares with a profit of just $19,000 in 2015. Revenues increased from $419M to $448M, in 2012 the Company had revenues of $66M.
The change in fortunes for Sony comes after a torrid 5 years that saw the local subsidiary forced to downsize both staff and offices.
They were also hit with multimillion dollar fines, after several senior managers were sacked.
A 12-month investigation of Sony Australia in 2013, by the Australian Taxation Office has resulted in the Company being hit $21M in penalties and $32M in back taxes, shortly after the assessment was delivered the Chief Financial Officer of the Company quit along with the CEO.
The ATO investigation covered tax returns for the years 2005,2006,2007,2008 and 2010.
Sony is believed to have already paid $26.8M back to the ATO in 2013 while disputing the total amount.
Back in 2013 Sony was the #3 and sometimes #2 TV supplier, today they are struggling to hold onto market share with insiders tipping that the Company could exit the TV market if the parent Company can find a buyer for the loss making consumer electronics division.
The Company has also exited the PC market and outsourced distribution of their high end projectors, top end Walkman and premium sound systems to Audio Active in Melbourne.
Their latest lodgements with the Australian Tax Office also reveals that current trade liabilities have risen from $71,900 to $113,574.