Sony has revised its profit forecasts and will be posting almost double of what they expected for FY 2012.
They were set to post a profit of $201 million but now are projecting $403 million. They announced this revision today and have also revealed that the full figures will be available on May 9.
They mentioned that their financial services division performed really well and the depreciation of Yen helped as well. The latter is also the reason why Nintendo didn’t suffer major loses. The operating income forecast has also doubled to yen 130 billion to yen 230 billion due to sale of assets and more.
Here are the reasons for the higher operating income forecast.
- 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 February 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.
This is great news for the company which has posted losses four years in a row, and is looking to bounce back soon.
Via Sony press release.