Sony surges as analysts say profit may reach highest since 1998

Tokyo

SONY Corp shares jumped the most in almost three months after the company's better-than-projected preliminary earnings boosted analyst confidence in its ability to hit the highest profit levels in almost two decades.

The Tokyo-based company rose as much as 4.6 per cent in early Tokyo trading, headed for its biggest jump since Feb 3. Sony reported preliminary operating profit of 285 billion yen (S$3.6 billion) for the fiscal year through March 2017, 19 per cent higher than its previous forecast, according to a statement on Friday after the close. It also said that net income would be about 73 billion yen, more than twice the previous forecast.