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Sony expects ¥18B gain from stock sale in real estate unit

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Sony expects ¥18B gain from stock sale in real estate unit

Sony Corp. on Dec. 20 said it expects to post an operating profit of about ¥18 billion in the third quarter of the fiscal year ending March 31, 2020, from the sale of its shares in its now-listed real estate unit SRE Holdings Corp.

SRE debuted on the Tokyo Stock Exchange Mothers market on Dec. 19. Sony sold a portion of its shares in the subsidiary upon the listing, cutting its stake to 44.47% from 56.29%.

The Japanese consumer electronics producer said it will review the impact of the expected gains on its earnings outlook for the fiscal year ending March 31, 2020, which it plans to announce Feb. 4, 2020.

As of Dec. 20, US$1 was equivalent to ¥109.47.