Sony raises profit estimate

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Sony has raised its operating profit estimate for the year that ended March 31 by three quarters after it counted gains from the sale of its New York headquarters, re-valued stock holdings and other asset sales that are helping the company cover losses in the consumer electronics sector.

Sony, who believe a weaker yen contributed to increasing the value of its overseas earnings, estimated an operating profit of 230 billion yen (£1.51 billion) for the twelve months, compared to a net loss of 456.7 billion yen only a year earlier and differentiated from the company’s forecast of 130 billion yen back in February 2013. 

This is also Sony’s first annual profit since 2008.

Sony has since doubled its net profit forecast to 40 billion yen (£263 million).

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