Tokyo - Sony is considering price cuts on its PlayStation 3 video game console, which went on sale in the U.S. in two versions in November for $499 and $599, respectively, the Associated Press reported on Wednesday.

"We may look at the price as part of our strategy to expand the market when the timing is right," Sony Corp senior vice president Takao Yuhara told AP, while asserting that no price cut has been decided.

The company said on Tuesday that its fourth quarter profit fell 5%, attributed mainly to costs associated with launching the PlayStation 3 -- such as advertising, and shipping units by air to meet launch dates.

The company hopes to at least break even in gaming for its fiscal year ending March 2008, with Yuhara adding that "price cuts to some extent" are part of Sony's plans to improve financial performance.

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