Sony Fattens Profits on TVs and Game Equipment

Sony Corp. logged record earnings in the final quarter of 2007 with strong sales of its Bravia TV line. The Tokyo electronics giant reported a 25.2 percent increase in net profits, totaling 200.22 billion yen or $1.88 billion U.S.

In addition to being buoyed by its flagship LCD TV line, Sony said it was recovering in the gaming market with PS3. The company reported that the games unit logged a profit for the first time in two years. Professional broadcast equipment, PCs, digital still and video cameras also remained strong sellers for the company.

Despite the record quarter, Sony cut its profit forecast for the current quarter by about 9 percent, citing the caving stock market and the rising yen, according to Reuters. The repercussion on the Tokyo stock market culminated in the worst one-day loss since April 2003, when Sony reported a quarterly loss that triggered a two-day sell-off.