Microsoft has cut prices for its Xbox 360 gaming console in Asia. The cuts range from 5 to 20 percent and cover four Asian markets: Singapore, Taiwan, Hong Kong, and South Korea. The most important price reduction affects the Premium Xbox 360 SKU which now costs in Singapore the equivalent of $366, a 19.5 percent reduction. The drops vary with both the market it's sold on and the Xbox 360 model.

"This price drop is part of Microsoft's ongoing strategy to bring Xbox's high-definition gaming and entertainment experience to an even wider user base," said Microsoft.

The Xbox 360 Elite model, which comes with a 120-gigabyte hard drive, was cut 12.5 percent.

Microsoft presented its fiscal results days ago and once again the Xbox division has had another profitable quarter with over 1.3 million Xbox 360s shipped all over the world. In its third fiscal quarter, which ended on March 31, 2008, Microsoft’s Entertainment and Devices Division (EDD), which also handles the Xbox business, had an operating profit of $89 million with a revenue rise of 85 percent.

The massive sales made so far are expected to bring additional incomes especially thanks to the related games, accessories and services. Overall, in its 3rd quarter, Microsoft has reported revenues of $14.45 billion and also an operating income of $4.41 billion.

Even though the overall sales for the company were very disappointing, the Xbox division managed to keep everyone going and as some people noticed, it's was just amazing seeing a company of Microsoft’s size being driven by video games.