Sony's Profit Soars On Film, Game And Music Sales

Sony Group Corp. said Tuesday, May 10, 2022, its operating profit rose to a record 1.20 trillion yen ($9.16 billion) in the business year through March, as a robust movie sector and the yen's depreciation against the US dollar offset slower sales for its game unit, Mainichi Japan reported.

Photo Insert: Sales were slower for its game unit.

Its operating profit soared 25.9 percent from the previous year, while sales also rose 10.3 percent to a record 9.92 trillion yen in the year ended March. Net profit dropped 14.3 percent to 882.18 billion yen.

Sony became the second Japanese manufacturer to see its operating profit exceed 1 trillion yen after Toyota Motor Corp., according to SMBC Nikko Securities Inc., the Associated Press (AP) also reported.

The Japanese electronics and entertainment giant put its assumed exchange rate for the US dollar at around 123 yen for the current business year that started in April, up from 112 yen and 106 yen in fiscal years 2021 and 2020, respectively.

The yen's weakness against the dollar and the euro helped push up fiscal 2021 operating profit in its game, home appliance, and semiconductor businesses by a total of 61.4 billion yen, according to Sony.

The company's movie sector was lifted by its blockbuster film "Spider-Man: No Way Home" and works featuring other Marvel Comics characters as well as licensing fees from the American sitcom "Seinfeld."

Brisk sales of image sensors for digital cameras and industrial equipment also contributed to the rise in operating profit. Chief Financial Officer Hiroki Totoki expressed concern about the potential impact on the company's manufacturing and revenue due to COVID-19 restrictions in China, including a lockdown of its major commercial hub of Shanghai amid a surge in coronavirus infections.

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