Sony to sell subsidiary M3 shares, post $1.23 billion operating profit

Reuters News
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Posted: Feb 20, 2013 3:01 AM
Sony to sell subsidiary M3 shares, post $1.23 billion operating profit

TOKYO (Reuters) - Sony Corp said on Wednesday that it would sell six percent of shares in its consolidated subsidiary M3 Inc, and as a result post a 115 billion yen ($1.23 billion) operating profit for the year through March 2013.

Sony said in statement that the sale of shares in M3, a marketing company, was part of a rebalancing of its business portfolio and assets.

($1 = 93.52 Japanese yen)

(Reporting by Shinichi Saoshiro; Editing by Ron Popeski)