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Electronics maker Sony’s statement included April-September 2022 budgets and expectations for the second half of the fiscal year.
The Japanese company’s first-half net profit increased 13.5% over the same period of fiscal 2021, reaching 482.1 billion yen ($ 3.25 billion).
The resilience of sales in the music and entertainment industry was reported to have had a positive impact on fiscal half-year net profit growth.
Operating profit increased 8.8% to 651 billion yen ($ 4.41 billion) while sales increased 9.4% to 5.06 trillion yen ($ 34.3 billion).
Sony’s Chief Financial Officer Totoki Hiroki said that despite the worsening market situation, the company’s comprehensive portfolio, from entertainment to semiconductors, has mitigated this impact.
Noting that US-China tensions “have increased the risks to the global economy,” Totoki said markets “will continue to deteriorate” due to energy costs and inflationary pressures.
FORECASTS FOR THE WHOLE YEAR
It increased its net profit forecast of 800 billion yen, announced in July, for fiscal year 2022, which ends in March 2023, to 840 billion yen ($ 5.69 billion).
Sales in the movie, games and music sectors are expected to positively affect net income kakım the Japanese yen depreciates against the currency.
Expected revenue for the full fiscal year was increased to 11.6 trillion yen ($ 78.7 billion) and forecast operating profit was increased to 1.11 trillion yen ($ 7.5 billion).