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HindustanTimes Fri,18 Apr 2014

Sony returns to black on asset, product sales

Reuters  Tokyo, February 07, 2013
First Published: 22:13 IST(7/2/2013) | Last Updated: 22:15 IST(7/2/2013)

Sony Corp 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.

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In the three months to December 31, Sony posted a 46.4 billion yen ($496 million) 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%, rebounding from 30-year lows, compared with a 9% rise in the benchmark Nikkei 225.

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