Sony-BMG Profits Down

Sony BMG Music Entertainment’s net income of US$208 million on sales of US$1.47 billion in the fiscal third quarter ended December 31 is down on the US$236 million it posted for the previous quarter.

The company may gain some comfort from the fact that its revenues were flat at a time when the global music market is shrinking 10 percent. The recorded music income came mainly from the album sales of Alicia Keys, Celine Dion, Carrie Underwood and Leona Lewis.

The company attributed the profit drop to an industry-wide legal settlement enjoyed in the company’s prior fiscal period.

The numbers were announced as part of Sony Corp.’s financial results, which showed the Japanese media and electronics giant made US$1.76 billion on sales of US$25.08 billion.