Sony doubles profit forecast

Sony doubles profit forecast

Sony has doubled its profit forecasts for its 2013 financial year, driven by favourable foreign exchange rates and the sell off of assets.

The manufacturer said it will double its net income to ¥40bn (£261m) for the year to 31 March 2013. Sales will also increase by 3.0% to ¥6,800bn (£44.6bn). While the profits are relatively small for a company of its size, it marks a sharp turnaround from the ¥456.7bn (£2.99bn) loss it posted for its 2012 financial year.

Aside from the changing currency markets, Sony has also sold off a number of offices, including its US headquarters and the Sony City Osaki premises in Tokyo.

Author: Graeme Neill

Written by Mobile Today
Mobile Today

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