Sony says to book 10 bln yen profit from Tokyo property sale
TOKYO, March 7
TOKYO, March 7 (Reuters) - Sony Corp said on Friday that it would book about a 10 billion yen ($97 million) profit in the next fiscal quarter on the sale of Tokyo property, as it disposes of assets under a turnaround effort.
The gain will be posted as operating profit for the first quarter of the business year that begins on April 1, Sony said.
Sony has been selling off assets and restructuring loss-making divisions, including its TV operations, as it tries to restore its struggling consumer electronics business to profitability.
The sale of the property to Sumitomo Realty & Development Co Ltd for 16.1 billion yen is expected to be completed in April, Sony said. ($1 = 103.0850 Japanese Yen) (Reporting by Edmund Klamann; Editing by Dominic Lau)
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