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Feb 05

SONY REGISTERS Q3 PROFIT AT DOLLAR 870 MILLION

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Japanese electronic and entertainment major Sony Corp today posted a gain in net income at 79.2 billion yen ($870 million) for the period ending December 31, 2009 on account of a robust growth in PlayStation 3’s sales.

In the year-ago period, the company had a net income of 10.4 billion yen, Sony Corp said in a statement.

The company’s revenue rose to 2,237.9 billion yen in the quarter under review to 2,154.6 billion yen in the same period last year.

Sony said it posted a robust growth due to surge in PlayStation 3 sales following a price cut.

The company sold about 6.5 million units of PlayStation in the current quarter as compared to 4.5 million units in the same quarter last fiscal.

For the full-year ending March 31, Sony narrowed its loss forecast and expects a net loss of 70 billion yen from an earlier estimate of 95 billion yen loss.

The company’s revenue forecast remain unchanged at 7.3 trillion yen.

The firms’ sale of PlayStation 3 has been understood to have moving northward after Sony cut the price of its model by 25 percent to $299 in September.

Sony’s network products and services business has swung into a profit during the quarter with a net income of 19.4 billion yen from a loss of 5.9 billion yen in the year-earlier period.

The sales inched up by 1.9 percent to 606.1 billion yen despite of the heavy competition by Samsung HDTV and others.

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