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Sony doubles annual profit forecast

Company also raises sales and operating income guidance

Sony has upwardly revised its financial year results forecast due to the sale of a number of assets and the favourable impact of the depreciation of the yen in the fourth quarter.

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For the year ended March 31, 2013 the company has doubled its profit forecast to 40 billion yen ($403m / £261m).

The firm's operating income forecast has also been raised by 76.9 per cent to 230 billion yen (£1.5b / $2.3b), while sales are now expected to total 6.8 trillion yen (£44.4b / $68.6b), three per cent higher than previous guidance.

During the fourth quarter, Sony agreed to sell its stake in social games giant DeNA, as well as its US headquarters building in New York and its Osaki office building and premises in Tokyo.

The company also said today that its Financial Services division is expected to exceed prior guidance due to improved investment performance at insurance company Sony Life.

Sony is set to release its full-year financial results on May 9.

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