Avex, Japan's leading independent music group, reports mixed results for the year ending March 31, 2004.

Avex, Japan's leading independent music group, reports mixed results for the year ending March 31, 2004.

On a consolidated basis, the Tokyo-based Avex Group's sales fell 8.8% year-on-year to ¥73.9 billion ($673.3 million). After-tax profit rose 17% to ¥3.7 billion ($33.2 million).

Sales at the group's core company, Avex Inc., were down 10.5% during the period to ¥46 billion ($419 million). After-tax profit rose 19.9% year-on-year to ¥2 billion ($18.6 million).

Avex Group's subsidiaries include music publisher/concert promoter Prime Direction Inc., nightclub management company Velfarre Entertainment, artist management firm Axev, audio software distributor Avex Distribution and Avex's overseas operations in the United States, Hong Kong and Taiwan. Avex Inc. comprises Avex Trax, Avex Tune, Cutting Edge and other labels.