Sony rises 3.2 per cent after profit forecast jump

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Sony’s stock rose on Monday after the company forecast its highest operating profit in two decades for the new financial year ending March 2018.

Shares in the Japanese electronics and entertainment group were up as much as 3.2 per cent on Monday following its forecast for operating profit to rise 73 per cent from a year earlier to ¥500bn ($4.5bn).

Sony reported net profit of ¥27.7bn in the three months to March, against a ¥88.3bn loss in the same period a year prior. Revenue rose 4.4 per cent to ¥1.9tn.

The company has been hit in recent years by missed business targets, earthquakes in Japan causing production disruptions and a $1bn writedown at its film business.

Shares in Sony were up 2.6 per cent at ¥3,855 per share. The benchmark Topix index was flat.

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