Sony returns to black in Q3 on asset, product sales
TOKYO (Reuters) - Sony Corp (6758.T) posted a third-quarter operating profit after a loss a year ago, supported by lower costs and proceeds from asset sales that are helping it offset weak demand for its TVs and other devices.
In the three months to December 31, Sony posted a 46.4 billion yen operating profit, compared with a 91.7 billion yen loss a year ago. The result was below the average 72.1 billion yen profit estimated by six analysts surveyed by Thomson Reuters I/B/E/S.
Following a 67 billion yen loss in the previous business year, Sony stuck to its full year operating profit forecast of 130 billion yen, compared with a consensus estimate of 119 billion yen of 19 analysts.
Since the start of the year Sony's shares have gained nearly 60 percent, rebounding from 30-year lows, compared with a 9 percent rise in the benchmark Nikkei 225.
(Reporting by Tim Kelly; Editing by Richard Pullin)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival. Full Article