SINGAPORE - Sony has no plan to cut the price of its PlayStation 3 game console, the company's chief financial officer Nobuyuki Oneda said Friday.

"This year, our strategy is not to sell more quantity for PS3 but to concentrate on profitability," Oneda told a forum in Singapore. "Our plan is not to reduce the price."

His comments followed a report in the Wall Street Journal which said Microsoft plans to cut the price on a popular model of its Xbox 360 game console in an effort to boost sales in the face of stronger competition from rival Sony.

The Journal report cited people familiar with the matter and said the price cut would come as early as Sunday.

Oneda also said he expects Sony's PS3 operations as well as the broader game segment to be profitable for the current year ending March 2009. --AFP