Sony to sell subsidiary M3 shares, post $1.23 billion operating profit

TOKYO Wed Feb 20, 2013 3:01am EST

The logos of Sony Corp. are seen at an electronic store in Tokyo February 6, 2013. REUTERS/Shohei Miyano

The logos of Sony Corp. are seen at an electronic store in Tokyo February 6, 2013.

Credit: Reuters/Shohei Miyano

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TOKYO (Reuters) - Sony Corp said on Wednesday that it would sell six percent of shares in its consolidated subsidiary M3 Inc, and as a result post a 115 billion yen ($1.23 billion) operating profit for the year through March 2013.

Sony said in statement that the sale of shares in M3, a marketing company, was part of a rebalancing of its business portfolio and assets.

($1 = 93.52 Japanese yen)

(Reporting by Shinichi Saoshiro; Editing by Ron Popeski)

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