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Sony said it probably made an operating profit
of 68 billion yen ($569 million) in the year ended March 31,
compared with 26.5 billion yen a year earlier. That compares
with its previous estimated operating profit of 20 billion yen.
The Tokyo-based firm is finally reaping the benefit of long-haul
restructuring efforts after weak TV and smartphone sales brought
years of heavy losses. After massive cost cuts, it has sought
targeted expansion under Chief Executive Kazuo Hirai in
lucrative areas such as sensors for smartphone cameras.
Sony is set to make its official earnings statement for the year
on April 30. Before Wednesday's move, following an upward
revision in February, the average forecast among 19 analysts for
operating profit was 50.3 billion yen.
As part of its restructuring, Sony has spun off its TV business,
and also plans split off its audio and video business as part of
a new strategy to encourage greater autonomy of its
subsidiaries. The company had struggled to gain market share in
high-end smartphones, lagging far behind leaders Apple Inc and
Samsung Electronics Co Ltd.
Sony on Wednesday also narrowed its overall net loss estimate to
126 billion yen from 170 billion yen, and raised its revenue
estimate to 8.2 trillion yen from 8.0 trillion yen. It also
cited strength in its financial services unit.
Its shares have risen more than 30 percent so far this year on
signs of progress toward a long-awaited turnaround.
Year-on-year, the shares have nearly doubled, hitting 3,827.50
yen earlier this month, their highest since 2008.
(Reporting by Ritsuko Ando and Chris Gallagher; Editing by
Kenneth Maxwell)
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