Sony Profit Falls Less-Than-Expected 32%

Sony Corp. said net income fell a less-than-anticipated $1.1 billion, or 32%, in the fiscal year ended March 31, as total sales declined 1.7% to $63 billion. The consumer electronics and entertainment giant said the yen’s strength against the dollar depressed the value of its overseas earnings. Profit in the video-game business fell 43.3% on costs for introducing the new PlayStation2 in March and price cuts on the original PlayStations. Sales of electronic goods, which make up the biggest portion of Sony’s revenue, rose 1.1% and profit jumped, on a local currency basis, the Tokyo-based company said. The movie business recorded a 3% increase in sales. The music business saw a 3% rise in sales although operating profit fell 14% because of start-up costs for a digital-music delivery service. Sony’s American depositary receipts fell $7.69 to close at $225.63 on the NYSE.