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Wednesday, 29 January, 2003, 12:09 GMT
Sony scores record profit
Playstation2 by Sony
Sony's Playstation2 beat rival games consoles
The Spiderman movie and games console Playstation 2 have helped Sony score a record net profit.

Sony's game division took centre stage in the third quarter, with the PlayStation2 beating rival games consoles such as Microsoft's X-box and Nintendo.

And the movies division enjoyed its best year ever, with blockbusters like Spiderman and Men in Black II raking in profits as DVD releases.

"Electronics were as expected, but movies and games did better than we thought they would," Sony chief financial officer Teruhisa Tokunaka told a news conference.

Sony also did well during what was supposed to be a downbeat Christmas, with strong sales of digital cameras and flat-panel TVs.

Share price slump

The world's biggest consumer electronics maker said net profit jumped almost 96% to a record 125.43bn yen (644m, $1.1bn) in the third quarter, while revenues increased 1.2% to 2.31 trillion yen.

For the full year, the Tokyo-based electronics giant said it expected to make a net profit of 180bn yen, which is more than 10 times the level of a year ago.

Revenues for the full year were expected to rise marginally from the prior year to 7.6 trillion yen.

Sony's numbers were in line with analysts' expectations.

The results came after the end of trading in Tokyo, where Sony shares skidded to their lowest level in 15 months.

"Sony's share price is being dragged down by poor market conditions overall," explained Akihide Kinugawa, fund manager at T & D Asset Management.

Sony added it would invest an extra 150m euros (19bn yen) into its loss-making mobile phone joint venture with Swedish telecoms equipment maker Ericsson.

Ericsson said it would also inject 150m euros into the venture, which has been rocked by continuing losses and delayed product launches.

Toshiba

Sony's rival, Toshiba, also managed to cut its losses thanks to increased demand for chips in digital cameras and photo-taking mobile phones.

Toshiba said it made a net loss of 6.9bn yen, compared with a year-earlier loss of 84.9bn yen.

Although it was the seventh quarterly net loss in a row for the chip maker, the results beat analysts' expectations.

See also:

16 Jan 03 | Technology
10 Jan 03 | Business
24 Dec 02 | Technology
28 Oct 02 | Business
29 Jan 02 | Business
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