Sony Cites Global Slump in Profit Fall

Sony Corp. said Thursday that its net profit fell 72% during its latest fiscal quarter and blamed the performance on a weak global economy that is strangling consumer spending.

“Sony’s business environment is expected to become even more severe due to the further slowdown of the Japanese and European economies,” a company statement said.

The consumer electronics giant said profit for its fiscal third quarter ended Dec. 31 fell to $226 million. Overall sales slipped 3.8% to $9 billion.

Sales were flat in the United States but fell 8.6% in Japan and 10% in Europe.

Sony’s film entertainment sales rose 15.5% to $2.27 billion in the first three quarters of the fiscal year, although they slipped somewhat in the third quarter alone.

Sony’s entertainment unit includes Columbia Pictures, Sony Picture Classics and Tristar.