Nintendo returns to profit on weak yen boost

Published on NewsOK Modified: April 24, 2013 at 3:35 am •  Published: April 24, 2013
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TOKYO (AP) — Nintendo Co. returned to profit for the fiscal year ended March 31 as a lift from the weakening yen offset sales struggles caused by software delays for its latest home console Wii U.

The Kyoto-based maker of Super Mario and Pokemon games reported Wednesday an annual profit of 7.1 billion yen ($72 million), a reversal from a 43 billion yen loss the previous year.

Annual sales dipped 1.9 percent to 635.4 billion yen ($6.4 billion).

Both profit and sales results were slightly worse than the projections of analysts surveyed by FactSet.

The dollar has been trading at 95 yen levels in recent months, and is now above 99 yen, up dramatically from 80 yen a year earlier — a boon for Japanese exporters like Nintendo.

Nintendo gained 39.5 billion yen ($399 million) from a favorable exchange rate for the year.

Nintendo expects profit to balloon to 55 billion yen ($555 million) this fiscal year ending March 2014. It did not break down quarterly results.

Still, Wii U sales at 3.45 million units fell short of Nintendo's target for the fiscal year of 4 million units.

That had been lowered from an earlier more optimistic projection of 5.5 million units.



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