Sony Corp should be thankful for strong sales on film products as well as equipment and music in helping the company achieve its best annual financial report.
Nevertheless, the company's net profit is seen to be down by 14% compared to last year's highest performance.
According to the report, Sony’s annual sales for 2021-2022 were 9.9 trillion Yen, a 10% increase from the 2020-2021 record at ¥ 8.99 trillion Yen.
It is understood the post came from an encouraging increase in sales of films, electronic products as well as the music segment.
Among the biggest contributors were the film ‘Spider-Man: No Way Home’ which managed to surpass the 3rd highest grossing film in the United States (US) and Adele’s music album sales as well as strong licensing results in the Japanese animation (anime) business.
But Sony's net profit was seen down 14% at ¥ 882 billion Yen from the previous year at ¥ 1 trillion Yen.
According to Toyo Securities senior analyst Hideki Yasuda, Sony is believed to be able to capitalize on the fall in the value of the Yen, which has depreciated to a 20 -year low against the dollar.
He added that Sony is actively diversifying its business environment sectors, including music and movies.
Meanwhile, for the latest financial year of 2022-2023, Sony predicts sales will rise 15% to ¥ 11.4 trillion Yen while the projected net profit may decline 6% to ¥ 830 billion Yen.
Sony is expected to continue to face challenges in the PlayStation 5 (PS5) gaming console that are largely due to supply disruptions and global chip shortages.
Kantan Games analyst Serkan Toto said Sony may be able to sell more PS5s if they can produce more of these consoles.
