HispanicBusiness

Sony Corp on Thursday said it had doubled its net profit forecast for the previous financial year, which ended March 31, to $404 million (40 billion yen) due to a weaker yen and rising share prices.

Sony also lifted its annual operating profit outlook to 230 billion yen from 130 billion yen that it had estimated in February while annual sales are predicted at 6.8 trillion yen, up 3 percent from 6.6 trillion yen.

The yen has fallen 25 percent against the US dollar since November. A weaker yen makes Japanese products more competitive overseas and improves repatriated earnings.

The company is due on May 9 to release its earnings report for the previous business year and its annual profit forecast for the current financial year through March 2014.