PS3 sales boosted, profits still a way off

Credit crunch hits Sony corp's overall profit, in latest financials

PS3 sales up on last year but Sony s overall profits plunge 72

Sony's PlayStation division, Sony Computer Entertainment, has posted a 10 per cent year-on-year rise in revenues for its second financial quarter for the year 2008-2009.

However, Sony's overall profits dropped an alarming 72 per cent over the same quarter – the period over the three months to the end of September 2008

Sony has posted losses of 39.5 billion Japanese yen ($405million), considerably less than the loss of 96.7 billion yen ($992million) posted for the same period in 2007.

Associated Press reports that, 'a surging yen wiped out perks from flat-panel TV and PlayStation 3 sales, as well as box office revenue from the movie Hancock'.

Sony Corp.'s quarterly profit was down to 20.8 billion yen ($214million), compared with 73.7 billion yen in 2007.

"We already expect a poor performance for the Christmas shopping season," said Sony's Chief Financial Officer Nobuyuki Oneda

"On how things will fare after Christmas, I can only say we will continue to keep a careful look."