Sony Group Lifts FY 2023 Outlook Despite Net Profit Drops In First Fiscal Half

TOKYO, (APP - UrduPoint / Pakistan Point News - 10th Nov, 2023) -- Sony Group Corp. on Friday revised up its net profit outlook for the current fiscal year ending next March to 880 billion Yen (about 5.8 billion U.S. Dollars) although its net profit fell by over 20 percent in the first fiscal half.

The forecast was raised from its earlier estimate of 860 billion yen, according to the company, citing rosy prospects in its gaming, music and image sensor businesses.

For the April-September period, net profit fell 23.1 percent year on year to 417.65 billion yen, said the company in its financial results.

The Japanese electronics and entertainment giant also raised its sales outlook for fiscal 2023 to 12.4 trillion yen against its August forecast of 12.2 trillion yen, representing a 13 percent increase from sales in the previous fiscal year.

In the six months to September, Sony saw its sales increase 19.3 percent to 5.79 trillion yen. Meanwhile, it sold 8.2 million PlayStation 5 game consoles during the period, with its annual target set at 25 million units. (1 Japanese yen equals about 0.0066 U.S. dollars)