Sony revises its 2012 earnings forecast, doubles expected net profits
Japan’s biggest television maker, reported its first annual profit in five years after selling assets and benefiting from a weaker yen that boosted overseas revenue. The shares rose.
Net income was probably 40 billion yen ($403 million) in the year ended March 31, compared with a net loss of 456.7 billion yen a year earlier, the company said in a preliminary earnings statement yesterday. The average of 18 analyst estimates compiled by Bloomberg was 43.3 billion yen.
Selling properties and stock holdings generated about $2 billion in profit for Sony as it stumbles from losses in its TV business and mobile-phone unit. Games, cameras and mobile devices, including Xperia smartphones, are central to Chief Executive Officer Kazuo Hirai’s plan to revive the consumer- electronics business after losing ground to Apple Inc. and Samsung Electronics Co.
