TOKYO: Japanese electronics and entertainment giant Sony Group Corp. on Wednesday revised up its consolidated net profit forecast for the current fiscal year to 860 billion yen.

The estimate for the year through next March, still down 14.5 percent from the company’s bottom line in fiscal 2022, was raised from the previous projection of 840 billion yen.

The upward revision was mainly due to a decrease in corporate tax payments.

Sony also revised up its fiscal 2023 sales forecast from 11.5 trillion yen to 12.2 trillion yen, up 11.2 percent from the previous fiscal year.

In April-June, the company’s sales grew 32.9 percent from a year before to 2,963.7 billion yen, while its operating profit fell 30.6 percent to 253 billion yen and net profit dropped 16.7 percent to 217.5 billion yen.

JIJI Press