PS3 launch costs hit Sony profits

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Electronics giant Sony has reported a large fall in annual operating profits following the launch of its PlayStation 3 games console. The cost of launching the PS3 console contributed to a 68% drop in operating profits to 71.8bn yen ($597m; £300m) for the year to 31 March. The PS3 is up against tough competition from the Microsoft Xbox 360 and Nintendo Wii. But Sony forecast a strong recovery in profits during the coming year.