Sony Increases Profits Forecast By $430M

Diana Lodderhose

Just a week before it is due to reveal its annual results, Japan’s Sony Corp. has issued a revised forecast for the financial year to March 2017, expecting net profits of $668M and operating profits of $2.6B. That marks a near tripling of its previous net estimate, up $430M, and a 18.8% hike in operating profits.

Sony said the forecast had been revised upward due to expected improvement in all parts of the business, except for electronic components.

“The forecast for consolidated income has been revised upward due to expected improvement, compared with the February forecast, in all segments other than the Components segment, which is expected to deteriorate compared with the February forecast,” it said in a statement. “The primary reasons for the upward revision in the segments that are anticipated to improve are expected decreases in amortization of deferred insurance acquisition costs and other costs in the Financial Services segment and lower costs than anticipated in February in other segments, particularly semiconductors.”

Revenue for the group was unchanged at $8.1B. It’s the second year in a row that operating profit will have passed the $2B mark for the company. Sony’s full results are expected to be unveiled next Friday.

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