Sony Cites Films, Games for Profit Jump

Sony Corp. said its profit jumped 59% to $1.66 billion in the fiscal year ended in March, the second straight record year. but the Japanese electronics giant said it expects its strong growth momentum to slow. Group sales rose 19% to $50.8 billion. Sony spokesman Masayoshi Morimoto cited unexpectedly strong sales of Sony’s cutting-edge PlayStation game console and other electronics products, as well as strong management at its Hollywood film unit as reasons for the strong performance. The movie business recorded a sales increase of 47%, with help from blockbusters such as “Men in Black” and “My Best Friend’s Wedding,” as profit rose 23%, pulled down somewhat by start-up losses on new international television ventures. PlayStation sales more than doubled to 19.4 million units, helping the game sector’s profit to more than double as well, to $879 million. Electronics sales were also strong, boosting the sector’s profit 31%.