Sony Lifts Profit Outlook To 1 Trillion Yen On Film Sales

Sony Group Corp. raised late last week its operating profit forecast for the full fiscal year to 1.04 trillion yen ($9.2 billion), as strong movie and music businesses are expected to make up for slower-than-expected growth in its electronics product segment, Yuka Nakao reported for Kyodo News.

Photo Insert: Sony headquarters

The company revealed that it is considering cooperating with Taiwan Semiconductor Manufacturing Co. (TMSC) in building a plant in Japan to stabilize its supply of chips.

Sony now expects its operating profit to top the 1 trillion yen mark for the first time in the current business year ending next March. The company started reporting earnings under International Financial Reporting Standards from this fiscal year, changing from US accounting standards.

The latest outlook compares with 980 billion yen projected in August and represents an 8.9 percent rise from the previous business year.

The company lifted its net profit projection for the full year to 730 billion yen from the 700 billion yen forecast earlier, and sales are now seen at 9.90 trillion yen, up from its previous forecast of 9.70 trillion yen.

The latest net profit and sales projections respectively represent a 29.1 percent drop and 10.0 percent growth from the previous business year.

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