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  HOME | Business & Economy (Click here for more)

Sony Shares Soar after Forecast of Record Profits in 2017

TOKYO – Shares of Japanese multinational Sony rose more than 11 percent at the Tokyo Stock Exchange on Wednesday, after the company announced record annual profit in 2017 owing to strong sales of semiconductors and favorable exchange rates.

Sony’s shares recorded a jump of 11.44 percent to stand at 4,918 yen ($43.1).

The Tokyo-based electronics giant on Tuesday had announced, while presenting its results for the first fiscal semester (April-September), that it expected a record net profit of 380 billion yen, its highest in 20 years.

The figure is well above the historic high of 222 billion yen recorded in 1997, when Sony experienced the golden age of the first PlayStation, which had launched in 1994.

Sony also revised upward its operating profit and revenue forecast for the 2017-2018 financial year, expecting it to touch the same levels recorded a decade ago.

The company’s profits had also set a record between April and September, the first half of the fiscal year, when it recorded a net profit of 211.7 billion yen, eight times the figure during the same period last year.

The operating profit of the company also rose by 255 percent to 361.8 billion yen during the same period.

The company’s sales turnover, too, increased 18.7 percent in those six months to reach 3.92 trillion yen.

 

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