Sony raises FY 2020 net profit outlook to record 10.37 bln USD
Source: Xinhua | 2021-02-04
Sony Corp. on Wednesday raised its net profit outlook for the year through March to a record 1.09 trillion yen (10.37 billion U.S. dollars ), citing robust sales in gaming, music and other sectors despite the pandemic.
Sony's net profit could now surpass 1 trillion yen for the first time, compared to its current record high set in the business year through March 2019 of 916.27 billion yen.
The firm's net profit outlook also compares to an initial forecast of 800 billion yen, which equates to a more than 86 percent jump from a year ago.
The Tokyo-based company has been a beneficiary of more people staying at home during the pandemic, with brisk sales of its next-generation PlayStation 5 released in time for Christmas providing a boost for the consumer electronics maker.
The blockbuster animated movie based on the "Demon Slayer" manga series produced by Sony's anime and music production unit Aniplex, also helped its profit margins.
"We expect anime streaming revenue and the success of the movie to contribute to our business this year," Naomi Matsuoka, head of Sony's Finance and IR, was quoted as saying during Sony's earnings conference on Wednesday.
Sony also said it expects its revenue to climb and upwardly revised it from an earlier projected 8.5 trillion yen to 8.8 trillion yen, with its operating profit also upwardly revised from 700 billion yen to 940 billion yen.
Sony said that in the April to December period, its net profit soared 87.0 percent to a record 1.06 trillion yen, on a 4.1 percent increase in sales to 6.78 trillion yen.
Its operating profit, meanwhile, jumped 11.8 percent to 905.39 billion yen, Sony also said. (1 U.S. dollar equals 105 Japanese yen).
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