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Sony, the Japanese electronics manufacturer, reported a net profit for the first half of the current fiscal year of 482.1 billion yen ($3.25 billion).
Sony corporation revealed its financial statements for the period of April through September 2022 as well as its forecasts for the remainder of the fiscal year.
In comparison to the same period in fiscal 2021, Sony’s first-half net profit climbed by 13.5 percent to 482.1 billion yen ($3.25 billion).
According to reports, slowing sales in the music and entertainment sector helped boost net profit growth during the first half of the fiscal year.
Sales increased 9.4% to 5.06 trillion yen ($34.3 billion) while operating profit increased 8.8% to 651 billion yen ($4.41 billion).
Sony increased its net profit forecast of 800 billion yen in July for the fiscal year 2022, which will end in March 2023, to 840 billion yen ($5.69 billion).
It is estimated that sales in the movie, game, and music sectors will positively affect net profit as the Japanese yen depreciates against the currency.
The Japanese company increased its sales revenue forecast for the full fiscal year to 11.6 trillion yen ($78.7 billion), while its operating profit forecast increased to 1.11 trillion yen ($7.5 billion).