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. Last Updated: 07/27/2016

Sony Profits Sag

TOKYO -- Sony Corp. said Friday its profits sagged 32 percent in the last business year, sapped by a strong yen and costs of launching its new make-or-break PlayStation2 game console.

The slump in consolidated net profit for a second year in a row, widely expected by analysts, came despite a strong performance in the electronics sector in the latter half of the year.

Sony expects net profit to be little changed in the business year just started April 1, although it forecast that operating profit would rise modestly.

Sony posted a consolidated net profit of 121.84 billion yen ($1.14 billion) for the year that ended March 31, compared with 179 billion yen a year earlier.