New business figures show Sony still struggling

Figures released today by Sony reveal that its profits have slumped drastically over the second quarter of 2005. The net profit for the three-month period ending September 30 is quoted at 28.5bn yen (£138m) versus 53.2bn yen from last year.

Sony puts the profit drop down to the plummeting price of TVs, and the costs of launching its new games console.

The news comes at the end of a tough year for Sony, which announced last month that it was cutting staff numbers by around 10,000. But the news isn’t all bleak, as Sony has also revealed that group operating profit is 65.9bn yen – a rise from 43.4bn last year.