Sony forecasts $975 mn net profit for current year

BEIJING, CHINA: Sony Corp forecast a net profit of 80 billion yen ($975 million) on Thursday for the year that started on April 1, after net losses ballooned to 260 billion yen last business year on a tax credit write-off.

That compares with analysts' consensus of 105 billion yen, according to Thomson Reuters StarMine SmartEstimates, which places more weight on recent forecasts by top-rated analysts.

The electronics and entertainment company also said it expects to make an operating profit of 200 billion yen this business year, level with last year and in line with guidance given earlier in the week.

On Monday, Sony revised its estimate of net profit for the year ended on March 31, saying the impact of Japan's earthquake had clouded near-term prospects in the local market, forcing it to take a charge on tax credits.

Sony is reeling from one of the biggest ever Internet security breaches, which forced it to close its PlayStation videogames network for nearly a month after data on tens of millions of user accounts was leaked.

Shares in Sony rose 0.1 percent to 2,238 yen on Thursday ahead of the announcement compared with a 1.5 percent gain in the benchmark Nikkei average.