Sony Doubles Annual Profit Forecast For Financial Year 2013, Cites Weak Yen, Asset Sales, Financial Services Division
Sony Corporation has announced that they’ve doubled their profit forecast for the fiscal year that ended March 31st, from ¥20 billion ($201m/£130m) to ¥40 billion ($403m/£261m).
The new figures come after the deprecation of the yen during January, February and March increased profit margins. Sony’s financial services division also performed better than expected. Large asset sales, including those of its US HQ building, a Tokyo office and M3 shares, have led to total operating income forecasts being upgraded to ¥230 billion from ¥130 billion.
The news will certainly be welcome to investors, as Sony has struggled with profitability since before the economic crash. Full year financial results will be released on May 9th, so be sure to check back with PSLS then for the facts and figures.