TOKYO: Sony Corp raised its operating profit estimate for the year that ended March 31 by three-quarters after it counted gains from the sale of its New York headquarters and other asset sales and revalued a stock holding, helping the TV maker cover losses in its consumer electronics business.
Sony, which also said it was being helped by a weaker yen that was bolstering the value of its overseas earnings, on Thursday estimated an operating profit of 230 billion yen ($ 2.31 billion) for the 12 months, compared with 130 billion yen it forecast in February. It doubled its net profit forecast to 40 billion yen.
Under its latest Chief Executive Kazuo Hirai, Sony is redoubling its efforts on consumer electronics, with a focus on mobile phones and tablets, cameras and gaming, but has yet to end losses from such products.
The company’s content business including movies and music are profitable, with income from its insurance subsidiary also helping offset its struggling electronics business.
The maker of Bravia TVs, which axed around 10,000 jobs in the last business year, in January agreed to sell its US headquarters building in New York City for $ 1.1 billion, the highest price paid for a single US office building in two years. It booked a gain of about $ 685 million from the sale.
Under the company’s accounting rules such gains are booked as operating profit.
In February it announced the sale of one of its main buildings in central Tokyo for $ 1.1 billion, adding $ 412.58 million to its earnings.
In the same month it also booked a $ 1.16 billion gain after selling 6 percent of a group company, M3 Inc, a web-based service, lowering its stake to below 50 percent and in doing so turning it into an affiliate. That change in status allowed Sony to revalue the holding at a higher price.
More recently Sony in March offloaded its 13 percent stake in Japanese social gaming company DeNA Co. Ltd. realizing another gain of $413 million.
The company will release its full-year earnings result and forecast for the current business year on May 9.
Sony raises profit estimate as it counts asset sale gains
Sony raises profit estimate as it counts asset sale gains
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
