Sony doubles profit forecasts to £260 million

Sony doubles profit forecasts to £260 million
Craig Chapple

By Craig Chapple

April 25th 2013 at 4:40PM

Operating income now expected to hit £1.5 billion thanks to sales of US headquarters and depreciation of yen

Sony has doubled its profit forecasts for the year ending March 31st to £260 million.

The revised figure comes after Sony predicted on February 7th that it would generate £130 million.

The firm stated that original forecasts had been based on assumed foreign currency exchange rates for the quarter between January and March 2013, but because of the depreciation of the yen during the period, it expected to exceed previous expectations, reflecting the rise in the Japanese stock market.

Operating income is now expected to hit £1.5 billion, up 77 per cent from the previously anticipated £847 million, thanks in part due to the depreciation of the yen and the sale of Sony’s US headquarters and the Sony City Osaki office in Tokyo.

The revised up forecasts come a year after the Sony products and services division reported a $2.8 billion loss.

Sony’s full financial report is currently scheduled to be announced on May 9th.