Sony Logs 7 Pct Fall in Operating Profit

Economy

Tokyo, May 14 (Jiji Press)--Sony Group Corp. said Tuesday that its consolidated operating profit fell 7.2 pct to 1,208.8 billion yen in the year ended last March from the previous year as its life insurance business posted sharply lower profits due to dismal investment performance.

The Japanese electronics and entertainment company was also negatively affected by weak sales of its television sets and rising manufacturing costs of image sensors for smartphones.

Sony Group’s revenue surged 18.6 pct to a record high of 13,020.7 billion yen, reflecting strong sales of video game titles and increased revenues in its music business.

The company’s net profit was down 3.5 pct to 970.5 billion yen.

Sales of its PlayStation 5 home video game console totaled 20.8 million units, short of the company’s goal of 21 million units but above the previous year’s 19.1 million units.

[Copyright The Jiji Press, Ltd.]

Jiji Press