Sony Profits Up 100%

Written by Oonagh Reidy     29/04/2013 | 11:17 | Category: INDUSTRY

Profits looking 100% better for Sony after it revises earnings forecast upwards

Sony Profits Up 100%

Sony predicts net profit will be up 100% to $400m (40 bn yen) for year end March 31 2013 compared to its February net profit forecast of 20 bn yen.

Sony upwards revision of its earnings forecast is "primarily due to the favorable impact of the depreciation of the yen in the fourth quarter and financial services revenue which exceeded the February expectation," it said Friday.

The Bravia maker's earnings comeback was also on the back of sales of major assets including its U.S. headquarters building at 550 Madison Avenue in New York and the "Sony City Osaki" premises in Tokyo. 

Sony sales and revenue for the 12 months to March were also revised upwards by 3% to US$69.5bn, reflecting a rise in the Japanese stock market in the fourth quarter. 

The company is due to announce its earnings on 9 May.