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. Last Updated: 07/27/2016

Sony Profit Falls

TOKYO -- Despite a feisty performance by the popular PlayStation game console, Sony Corp.'s profits sagged nearly 20 percent in the last business year, battered by economic woes in emerging markets and pricing wars for key products.

The electronics and entertainment group said Wednesday it posted a consolidated net profit of 179 billion yen ($1.5 billion) for the year to March 31, down from a record 222 billion yen a year earlier. Sony's profits are calculated under U.S. accounting rules.

Sony met with lackluster demand for its audio-visual products amid economic downturns in Asia and Latin America, and was hit by price wars in the United States, its biggest market, in key products such as microchips, cellular phones and computer displays.