21.04.201703:34:00UTC+00Sony Lifts 2017 Annual Profit Guidance

The Japanese electronics firm Sony Corp. hiked its operating profit projections for the business year ended March 31 by almost 19 percent and its pre-tax income estimate by almost 28 percent thanks to the anticipated improvement in almost all of the company's business divisions and the lower amortization costs of its financial services unit.

While projections for annual sales and revenue were unchanged from the prior estimates issued on February, the estimates for the consolidated operating income was revised upward by 18.8 percent to 285 billion yen from 240 billion yen, denoting a year-on-year decline of 3.1 percent.

The company attributed the hike in projections to the expected improvement in all of the divisions outside its components unit due to the lower amortization and lower costs in its financial services, semiconductor segments and other businesses.

Expected EBIT was also increased by 27.6 percent to 250 billion yen, indicating a decline of 17.9 percent from 2016 and driving net income up by 180.8 percent, to 73 billion yen, an annual decline of 50.6 percent.

The company's consolidated results are due to be released on April 28. The firm's Tokyo-listed shares closed up 0.6 percent at 3,592 yen.