Sony Corp. on Tuesday revised upward its projections for group profits and sales for fiscal 2003 due to greater profits in the United States and foreign-exchange gains.
It said its net profit for fiscal 2003 is estimated at 88 billion yen, up from the earlier estimate of 55 billion yen released Jan. 28.
Sony traced the increase to greater profitability in the U.S., and said its tax-related expenses did not expand despite the fatter profit because it invoked accounting rules on cumulative losses and tax breaks.
The provisions that some of its overseas subsidiaries had set aside for future tax expenses were transferred back onto their income statements, it said.
Sony said its global sales projection grew to 7.5 trillion yen from the earlier estimate of 7.4 trillion yen.