Sony raises forecast as sales hold up amid COVID damage

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Sony has reported its profit fell 54% in the last quarter, mainly due to a one-time tax-related gain that inflated last year’s number. The Japanese electronics and entertainment company managed to maintain results despite the coronavirus pandemic, reporting a 13% rise in quarterly sales. Tokyo-based Sony raised its profit forecast for the year to 730 billion yen, or $6.4 billion, from an earlier 700 billion yen, or $6.2 billion. Sony has suffered from a chip shortage because of the effects of COVID-19 infections in Southeast Asia. It’s in talks with Taiwan Semiconductor Manufacturing Company on a project in Japan to ensure a steady supply of components for its wide range of devices.