Sony flogs off more assets in scramble for full-year profit
£800m sale of medical market biz stake to staunch cash bleed
Posted in Financial News, 20th February 2013 13:45 GMT
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Sony is selling off nearly 10,000 shares in medical market research firm M3 as part of its business overhaul.
The Japanese firm, suffering from competition on a number of fronts and feeling the effects of the sad economical state of Europe, has been selling off bits and pieces and rejigging others to streamline its business and attempt a return to lucrative profitability.
The sale of a portion of its shares in subsidiary M3 will mean that the company is no longer consolidated by Sony, although Sony will still be the major shareholder. Sony said it expects to get an extra ¥115bn (£800m) in its operating income for the current fiscal year from the sale.
That ¥115bn will be the majority of the ¥130bn operating income the company has forecast for the full year up to March 2013, giving Sony a net income of ¥20bn.
The company is expected to launch its PlayStation 4 later today in direct competition with Microsoft's attempts to make the Xbox the ubiquitous living room entertainment system. ®
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