Sony raises profit estimate as it counts asset sale gains
TOKYO, April 25
TOKYO, April 25 (Reuters) - Sony Corp 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, and revalued stock holdings and other asset sales that are helping the TV maker cover losses in its consumer electronics business.
Sony, which also said it was being helped by a weaker yen that was bolstering the value of its overseas earnings, on Thursday estimated an operating profit of 230 billion yen ($2.31 billion) for the twelve months, compared with 130 billion yen it forecast in February. It doubled its net profit forecast to 40 billion yen.
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