Sony To Book $49 Million Profit From Tokyo Property Sale

Sony Corp said on Thursday that it would book about a 5 billion yen ($48.9 million) profit in the next fiscal quarter on the sale of Tokyo property, its second disposal announced this month as it sheds assets under a turnaround plan.

The gain will be posted as operating profit for the first quarter of the business year that begins on April 1, Sony said.

Sony has been selling off assets and restructuring loss-making divisions, including its TV operations, as it tries to restore its struggling consumer electronics business to profitability.

The consumer electronics company announced on March 7 the disposal of a Tokyo property for 16.1 billion yen and that it would book a 10 billion yen operating profit from the sales in the next fiscal quarter.

Source : Reuters