Sony Group Corp., a leading Japanese electronics and entertainment company, reported a 3.4% decline in its net profit for the fiscal year ending in March, totaling 1.03 trillion yen ($6.6 billion), down from 1.07 trillion yen the previous year. This decline was attributed to the cancellation of an electric vehicle project with Honda Motor Co. and rising costs of computer chips. However, Sony is optimistic about the current fiscal year, projecting a record profit of 1.16 trillion yen ($7.4 billion), representing a 13% increase from the previous year. Annual sales also saw a boost, rising 3.7% to nearly 12.5 trillion yen ($8 billion), fueled by successful film releases, including the latest installments in the “Demon Slayer” series and strong demand for video games and network services. On a quarterly basis, Sony's profit fell sharply by 63% to 83 billion yen ($529 million) compared to 224 billion yen in the same quarter last year, although quarterly sales increased 8% to 3 trillion yen ($19 billion). To enhance shareholder value, Sony announced plans to buy back up to 500 billion yen ($3.2 billion) worth of shares.