Electronics and entertainment manufacturer Sony included net profit, operating profit and sales revenues in its April 2022-March 2023 fiscal year balance sheets.
The Japanese firm’s fiscal year 2022 net profit was recorded as 937.1 billion yen ($7 billion), an increase of 6.2 percent compared to fiscal 2021.
The strong demand in the gaming, music and semiconductor related industries and the depreciation of the Japanese Yen against foreign currency were effective in the increase in net profit.
Company sales rose 16.3 percent to 11.54 trillion yen ($85.1 billion), while operating profit rose 0.5 percent to 1.21 trillion yen ($8.85 billion).
Reaching sales exceeding 10 trillion yen ($74 billion) for the first time, Sony’s fiscal year operating profit saw its highest level ever.
The global sales of the game console “PlayStation 5”, which was released in November 2020, were recorded as 19.1 million units in the 2022 fiscal year.
COSTS WILL BE REDUCED
In the 2023 fiscal year, which will end in March 2024, the Japanese firm expects sales to fall by 0.3 percent and company net profit by 10.4 percent.
In his statement, Sony President Totoki Hiroki stated that the macroeconomic environment could not be approached optimistically and that they were planning to reduce costs.
“We are not very optimistic, as many overseas authorities have stepped up their monetary tightening policies and the world economy is heading towards divergence,” Totoki said.