P.M. BRIEFING : Sony Reports Surprise Profits

Sony, the Japanese electronics maker that owns CBS Records and Columbia Pictures, defied analysts’ expectations today and reported higher six-month results.

Earnings of the whole Sony group of companies in the six months to Sept. 30 rose 68.1% to $340 million from $202 million in the same period a year ago.

Interim net profit of the parent company gained 40.4% to $188 million from $134 million.

Sony is especially strong in compact discs and came out with the only innovative product in the audio area this year, the “Pixie,” a high-performing mini-stereo that can be stacked, lined up or put on a shelf.

The maker of the Walkman personal stereo moved into the booming record business by purchasing CBS Records in 1988. “CBS has been bought and paid for and is contributing nicely to profits,” said industry analyst Darrel Whitten at Prudential-Bache Securities (Japan).

Sony added a new piece of U.S. software, film-maker Columbia Pictures Entertainment, early this month.