Sony Forecasts 6% Drop in Profits in 2022-23

Sony Group Corporation saw gains in sales and net profits in the fourth quarter of its financial year, but full year profits shaded down by 14%. For the newly begun financial year, running from April 2022 to March 2023, it forecasts further downward pressure on profits.

Sales in the January to March period increased 1% to JPY2.26 trillion. Net Income surged ahead by 67% to JPY111 billion.

But the profits increase was not enough to stop the 12-month figures from turning downwards. Sales in the 2021-22 financial year increased by 10% to JPY9.92 trillion, but net profits fell from JPY1.03 trillion to JPY882 billion.

For the 2022-23 financial year, the group issued guidance indicating a 15% increase in sales, to JPY11.4 trillion, but a 6% deterioration in net profitability, and a fall to JPY830 billion.

More to follow.

Source: Read Full Article