On Air Now

Tune in to Listen

99.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
57° Feels Like: 57°
Wind: NNW 10 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

PM Thunderstorms 67°

Tonight

Scattered Thunderstorms 49°

Tomorrow

AM Clouds/PM Sun 61°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Sony to book $49 million profit from Tokyo property sale

Sony Corp's logo is seen at the headquarters in Tokyo February 6, 2014. REUTERS/Toru Hanai
Sony Corp's logo is seen at the headquarters in Tokyo February 6, 2014. REUTERS/Toru Hanai

TOKYO (Reuters) - 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.

($1 = 102.31 Japanese yen)

(Reporting by Dominic Lau; Editing by Matt Driskill)

Comments