Executive management at Sony Australia who earlier this year sacked several staff due to “cost cutting” has lifted their own compensation to over $2.5 million which is a 7% increase over what they paid themselves in 2008. Among the key management paid the remuneration is CEO Carl Rose, and David Hargreaves the General Manager of Consumer AVIT.
Among the key management paid the remuneration is CEO Carl Rose, and David Hargreaves the General Manager of Consumer AVIT.
In financial document obtained by ChannelNews, it’s been revealed that Sony Australia increased revenues by 12% at March 31 2009 to $924 million. In March 2008 Sony Australia reported revenues of $823 million.
Before tax profits rose 23% to $194.5 million, in the prior period Sony had before tax profits of $157.35 million.
The increase in revenue was achieved prior to a downturn in Sony’s market share in the TV, Blu-ray and digital camera markets.
In the past, Sony has refused to reveal their revenues or profits with communication staff at Sony going out of their way to stop access to documentation.
In July of 2009 Sony’s market share in the TV market had fallen from over 30% to less than 15% while Samsung increased their share of the LCD TV market to over 40% at the expense of Sony.
In April 2009, Sony who had been slammed for long delays in giving away PS3 consoles as part of a Bravia TV promotion, were only able to achieve 50% of their target in a new Bravia TV promotion following intense pressure from other promotions run by Samsung, LG and Panasonic.
Sony Australia is also struggling in the Blu-ray market with Panasonic snaring the top end of the market with their recorder model. In the digital camera market Sony has been hit hard by intense competition from both Canon and Nikon as well as a surging Panasonic who have invested heavily in trying to take market share away from Sony.
Sony Australia has refused to comment on their performance.