Wednesday, February 20, 2013
DJ: Sony To Log Y115bn One-Time Gain In FY4Q On M3 Stake Sale
TOKYO--Sony Corp. (6758) said Wednesday that it will book a one-time gain worth 115 billion yen ($1.2 billion) for the fiscal fourth quarter from the sale of a minority stake in an online medical service subsidiary.
The Japanese electronics maker said it will sell a 6% stake in M3 Inc. (2413), which engages in medical related services using the Internet, to Deutsche Securities Inc., bringing down its stake to 49.8%.
In addition to proceeds from the stake sale, Sony will book another one-off gain from the revaluation of the remaining stake it owns in line with accounting procedure, generating the massive gain as part of its operating profit in the January-March quarter.
Sony said it already anticipated the potential gain of the sale in the full year outlook it made in February, but added that it is still mapping out the overall impact of the sale and other factors.
The deal is part of the Japanese electronics maker's ongoing restructuring efforts, in which it is looking to streamline its operations and portfolio.
Last year, Sony sold a chemical products business to the Development Bank of Japan for Y57.3 billion.