Sony's annual profit doubles to 1.1trn yen due to games, music

Sony's net profit for the latest financial year doubled to 1.17 trn yen ($10.8bn) due to strong performance in the game and music sectors, the company said on Wednesday, as people spent more time indoors amid the Covid-19 pandemic.

The maker of PlayStation consoles and Xperia smartphones also posted an operating profit of $971.9bn dollars in the year ending 31 March, up 15% from the previous financial year, while sales grew 9% to nearly 9 trillion yen, dpa adds.

"Sales in the game and network services unit rose 34.3% to 2.6 trillion yen in the year, while the music sector saw its sales climb 10.6$ to 939.9 billion yen," Sony said.

For the January-to-March quarter, the company saw a seven-fold increase in net profit to 107 billion yen, while posting an operating profit of 66.5 billion yen, up 87.5% from the same period last year.

Sales, in the meanwhile, jumped 27% year on year to 2.2 trillion yen in the three-month period, Sony said.

Sony projects a net profit of 660 billion yen in the current financial year which runs until the end of March 2022 and an operating profit of 930 billion yen, while sales are estimated at 9.7 trillion yen, the company said.

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