Sony to post its first annual profit in five years

Sony on Friday announced that it will be reporting its first annual profit since 2008 due to sales of various assets. The company sold its New York City headquarters earlier this year for $1.1 billion, which was estimated to generate net cash proceeds of about $770 million and help it pay off debt. Sony said that the weaker yen helped increase the value of its overseas earnings, and the company now expects to report a net profit of 40 billion yen for the fiscal year ended on March 31st, up from an earlier forecast of 20 billion yen. Sony is scheduled to report its March-quarter earnings on May 9th.

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