Sony Group Corp. said Tuesday its net profit for the year ended March fell 3.5 percent from a year earlier to 970.57 billion yen ($6.2 billion), as profits in its financial business tumbled.

Sales grew 18.6 percent to a record 13.02 trillion yen for fiscal 2023, lifted by robust video game and music sales, the tech conglomerate said.

Operating profit at its financial business almost halved to 173.6 billion yen in the business year due to poor performance at its insurance unit, Sony Group said.

Its semiconductor business also saw a decline in operating profit, posting an 8.8 percent fall to 193.5 billion yen as production costs increased.

For the business year ending March next year, net profit is projected to fall 4.7 percent from the previous year to 925 billion yen on sales of 12.31 trillion yen, down 5.5 percent.

The company cited an increase in corporate income tax as a factor for the decrease in net profit.

==Kyodo

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