Sony Music Entertainment rebounded in the fiscal year ending March 31 with an operating profit of ¥19.0 billion ($175 million), following a ¥7.9 billion ($72 million) loss in the previous ye

Sony Music Entertainment rebounded in the fiscal year ending March 31 with an operating profit of ¥19.0 billion ($175 million), following a ¥7.9 billion ($72 million) loss in the previous year, according to earnings statements posted today (April 27) by parent Sony Corp.

SME reduced advertising, overhead and restructuring costs during the year, accounting for the profit, one of few bright spots for Sony Corp. The electronics giant posted a 23% fall in annual net profit overall, but forecasts better earnings this year on strong demand for new home-entertainment products.

For the fiscal year, Sony posted a net profit of ¥88.5 billion ($815 million), versus a ¥115.5 billion ($1.055 billion) profit in 2002/03. Sony, which is in talks to buy U.S. film studio Metro-Goldwyn-Mayer with two investment firms for around $5 billion, forecast group net profit would rise 13% to ¥100 billion ($920 million) in the year ending March 31, 2005.

Music figures to help drive the company's earnings this year, including the launch of the Sony Connect digital-music store and forthcoming portable entertainment devices from the electronics unit.

--Reuters