Sonys Annual Forecast Better Than Expected
Sony said Friday that it expects to report net profits of $620 million (JPY73 billion) for the financial year to March 2017. That represents a tripling of the Japanese corporate giant’s previous forecast of $222 million (JPY26 billion) but is still only half of the $1.26 billion (JPY148 billion) it made in 2015-16.
The company is expected to announce its full year results at the end of next week. It issued the revised forecast Friday, having previously provided guidance in February. The company left its gross revenue forecast unchanged at $65 billion (JPY7.6 trillion).
The company said that, since February, it has anticipated improvements in all divisions, with the exception of its components business.
“The primary reasons for the upward revision…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 the other segments, particularly semiconductors,” the company said in advice to the Tokyo and New York stock markets.