TOKYO, April 25 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 other asset sales and revalued a stock
holding, helping the TV maker cover losses in its consumer
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
Under its latest Chief Executive Kazuo Hirai, Sony is
redoubling its efforts on consumer electronics, with a focus on
mobile phones and tablets, cameras and gaming, but has yet to
end losses from such products. The company's content business
including movies and music are profitable, with income from its
insurance subsidiary also helping offset its struggling
The maker of Bravia TVs, which axed around 10,000 jobs in
the last business year, in January agreed to sell its U.S.
headquarters building in New York City for $1.1 billion, the
highest price paid for a single U.S. office building in two
years. It booked a gain of about $685 million from the sale.
Under the company's accounting rules such gains are booked
as operating profit.
In February it announced the sale of one of its main
buildings in central Tokyo for $1.1 billion, adding $412.58
million to its earnings.
In the same month it also booked a $1.16 billion gain after
selling 6 percent of a group company, M3 Inc, a web-based
service, lowering its stake to below 50 percent and in doing so
turning it into an affiliate. That change in status allowed Sony
to revalue the holding at a higher price.
More recently Sony in March offloaded its 13 percent stake
in Japanese social gaming company DeNA Co. Ltd
realising another gain of $413 million.
The company will release its full-year earnings result and
forecast for the current business year on May 9.