Sony Hikes Net Profit Forecast As Weak Yen Boosts Business

Tokyo, Nov 1 (UrduPoint / Pakistan Point News - 1st Nov, 2022 ) :Sony raised its annual net profit and sales forecasts on Tuesday, saying the weak Yen had boosted the performance of sectors including music, movies and smartphone camera components.

The yen has lost more than 20 percent of its value this year, inflating profits for Japanese companies that operate overseas.

That includes Sony's massive global entertainment business -- from streaming services to blockbuster films and PlayStation games, as well as digital camera components.

"Major factors for the upward revisions include the growth of the music streaming business, as well as foreign exchange," chief financial officer Hiroki Totoki told reporters.

The conglomerate now expects net profit to March 2023 to reach 840 billion yen ($5.7 billion), up from the 800 billion yen previously forecast.

It has also slightly increased its sales outlook to 11.6 trillion yen, with higher revenues in several sectors likely to be "partially offset by lower-than-expected sales in the financial services segment".

In the first half of the current financial year, net profit was 482.2 billion yen -- up 13 percent on-year -- while sales rose nine percent to five trillion yen, Sony said.