Sony lifts annual earnings outlook as profits surge

Business Recorder reported on Thursday that Sony raised its profit projection for the fiscal year ending in March to 1.33 trillion yen, from the 1.21 trillion yen estimate it had revised in July. The Japanese entertainment and technology group said net income for its second quarter climbed 44 percent to 449.6 billion yen. Games and films provided much of the lift, according to the company.

Sony attributed game sales growth to successful new titles as well as favourable currency movements. It also reported higher cinema income, with the July release of ‘Spider-Man: Brand New Day’ contributing to movie revenue. The company expects its games business to gain from the planned November arrival of ‘Grand Theft Auto VI’, which has been described as a potentially landmark release for the industry. The updated annual outlook reflects strength across several entertainment operations, rather than a single business line.