Sony Net Profit More Than Doubles In April-June
July 26, 2007 at 5:34 AM (PT)
SONY reports its APRIL-JUNE net profit more than doubled to 66.46 billion yen ($551.5 million) from a year ago on solid sales of flat-panel TVs, digital cameras and video camcorders. But the company said its game operations were still in the red because of strategic pricing of the PLAYSTATION 3 video game console below production costs.
Overall quarterly sales jumped 13.3% to 1.977 trillion yen ($16.41 billion) from 1.744 trillion yen the previous year. SONY had earned 32.29 billion yen the same period a year earlier.
SONY also got an equity boost from positive results at SONY ERICSSON, its mobile phone joint venture with SWEDEN's LM ERICSSON.
The equity boost, which figures indirectly into SONY earnings because it owns stakes in these companies, was smaller from its music joint venture SONY BMG MUSIC ENTERTAINMENT, where AVRIL LAVIGNE's "The Best Damn Thing" and R. KELLY's "Double Up" were best-sellers.