Nintendo Co said yesterday it posted a 9.4 percent gain in first-half profit but cut its full-year outlook as a surging yen undercut brisk sales of its popular Wii console and DS handheld device.
The Kyoto-based company booked net profit of ¥144.8 billion (US$1.5 billion) in the April-September period. The result was higher than last year’s ¥132.4 billion profit, though missed Nintendo’s own expectations for ¥165 billion in profit.
But Nintendo to cut its annual net profit forecast by nearly 16 percent because of the yen’s recent strength, which erodes overseas earnings.
It now predicts a net profit of ¥345 billion for the fiscal year, down from ¥410 billion.
The outlook is based on an exchange rate of ¥100 to the US dollar instead of ¥105. The yen recently soared to a 13-year high near ¥91 but has since eased to about ¥98.
Despite the global slowdown that has squeezed other Japanese exporters, demand for Nintendo’s products remains robust and the company’s results are a relatively bright spot amid an otherwise bleak earnings season.
Its focus on attracting nontraditional gamers such as women and senior has helped it enjoy stellar growth in recent years.
Sales in the first-half of the fiscal year increased 20 percent to ¥836.9 billion.
The company sold 10.1 million Wii units worldwide during the first half, up 38 percent from last year, and it said it expects to sell 34.55 million this fiscal year through March next year. It sold 13.73 million “DS” hand gaming systems, up 3 percent even though the device has been on the market for four years.
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