TOKYO (dpa-AFX) - Sony Corp. (SNE, SON.L) said that it raised its fiscal year ended march 31, 2013 outlook, due to the sale of a number of assets and the favourable impact of the depreciation of the yen in the fourth quarter and financial services revenue.
The company increased its fiscal year net income attributable to stockholders outlook to 40 billion yen from the prior estimate of 20 billion yen. It also raised its fiscal year operating income outlook to 230 billion yen from the previous estimate of 130 billion yen.
Annual Sales and operating revenue is now expected to be 6.80 trillion yen, compared to previous guidance of 6.60 trillion yen.
According to the company, the primary factors affecting the change in the consolidated operating income forecast were: the aggregate amount of operating income recorded from the gains of the asset sales in the fourth quarter which include certain shares of M3, Inc., Sony's U.S. headquarters building at 550 Madison Avenue in New York City and the 'Sony City Osaki' office building and premises in Tokyo, and a remeasurement gain related to the sale of certain shares of M3, Inc. is anticipated to significantly exceed the February forecast.
Operating income in the Financial Services segment is expected to significantly exceed the prior forecast primarily due to improved investment performance at Sony Life reflecting a rise in the Japanese stock market in the fourth quarter. The yen depreciated further against foreign currencies than was assumed in February, favorably impacting operating income. The February operating income forecast incorporated uncertainties associated with individual asset sales and the possibility of further deterioration of Sony's operating environment, most of which were not realized.
The company said that the actual consolidated results for the fiscal year ended March 31, 2013 and the consolidated results forecast for the fiscal year ending March 31, 2014 are scheduled to be announced on May 9, 2013.
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