Nintendo lowers shipping and profit forecast


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Nintendo confirmed growing worries about its performance with the announcement on Tuesday that shipments of its games consoles this year would be lower than initially forecast.

The group said shipments of GameCube, would be 10m rather than 12m and those of Game Boy Advance would be 15m rather than 19m, due to weaker than expected demand amid the Japanese economic slump.

Nintendo also lowered its full-year recurring profit forecast from Y150bn ($1.23bn) to Y110bn and net profit from Y90bn to Y80bn.

Nintendo said, however that shipments of GameCube software would be 55m units rather than the forecast 36m because third party games had been selling better than expected.

In the first half, Nintendo expects a sharp drop in recurring profits, or 77 per cent below its initial forecast, due to the yen's rise against the US dollar.

Nintendo said that its first half group recurring profit would be Y7bn rather than an initially forecast Y30bn due to a large appraisal loss on foreign currency based assets.

http://news.ft.com/servlet/ContentServer?p...d=1031119802873

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