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Sony doubles fiscal year earnings forecast, cites asset sales and weakening value of yen

Sony doubled its earnings forecast for the fiscal year ending in March 2013, citing the depreciation of yen and revenue obtained through asset sales as reasons for the revision, reports the BBC.

Sony is now expecting to report 40 billion yen ($403 million) in net income, double its initial forecast of 20 billion yen. The weakening of the yen's value has resulted in the company's Western revenue increasing its value due to the altered conversion rate. The BBC reports the yen's value against the U.S. dollar has dropped 15 percent since December due to economic policy changes under Prime Minister Shinzo Abe that raised the value of Japanese shares.

Sony also reported increased earnings due to recent sales of company assets, including last year's sale of its North American headquarters in New York City and the February sale of its "Sony City Osaki" Tokyo property, according to the BBC.

Sony's initial forecast assumed foreign currency exchange rates of 88 yen to one U.S. dollar for January through March 2013, the BBC says. However, the actual rate was 92 yen to one U.S. dollar, which spurred the company to revise its financial outlook.

The company will release its full earnings report on May 9.