Sony to sell subsidiary M3 shares, post $1.23 billion operating profit
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)
- China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan |
- Israel pounds Gaza despite international peace efforts |
- Train carrying MH17 bodies on final journey reaches Ukraine city |
- Islamic State crushes and coerces on march towards Baghdad
- EU threatens Russia with more sanctions, but words ring hollow