TOKYO (AP) — Sony’s fiscal fourth quarter jumped 67% to 111.1 billion yen ($852.7 million) from a year earlier as the Japanese entertainment and electronics company racked up profits in the video game and movie divisions.
Tokyo-based Sony Corp.’s quarterly sales edged up 1% to 2.26 trillion yen ($17 billion) as its music business also performed well, boosted by the popularity of streaming services. streaming, the company announced on Tuesday.
For the full fiscal year ended March, Sony posted a profit of 882 billion yen ($6.8 billion), down 14% despite the success of ‘Spider-Man: No Way Home,’ which helped to theater revenues.
Sales of its TV division also increased thanks to licensing revenue from “Seinfeld” and other titles, Sony said.
Sony chief financial officer Hiroki Totoki told reporters that movie theater revenues have recently returned to levels seen before the coronavirus pandemic, prompting restrictions around the world to curb the spread of infections.
By reshaping its product line, profits improved in televisions and digital cameras, overcoming supply issues stemming from disruptions caused by COVID-19, Totoki said. But several months could be needed to overcome new supply problems resulting from recent restrictions in China, he added.
The reversal of a previous write-down of deferred tax assets in the prior year also contributed to lowering the latest annual profit due to the absence of the tax reduction benefit.
Sales for the year to March 2023 are expected to benefit from the weaker yen which will add to the expected growth in content sales. The dollar was trading at 116 yen, down from nearly 106 yen a year earlier, according to Sony.
Sales were also boosted by Sony’s acquisition of Crunchyroll, which streams animation. Sony has also recently bet on the metaverse, the immersive virtual world, where it faces rivals like Facebook, or Meta.
Sony, which also makes televisions and portable digital music players, expects to make a profit of 830 billion yen ($6.4 billion) in the fiscal year to March 2023.
Yuri Kageyama is on Twitter: https://twitter.com/yurikageyama