Nintendo Annual Profits Decline 66%

Video game giant Nintendo has posted a 66% decline in its annual profits.

The company said its net profit for the fiscal year ended March 31 was 77.62 billion Yen, down 66% from the year-earlier 228.64 billion Yen. Revenue was down 29% to 1.014 trillion Yen while operating profit was off 52% to 171.08 billion Yen. Analysts polled by Thomson Reuters had forecast a net profit of 142.41 billion Yen and revenue of 1.079 Yen.

Nintendo also announced that it will release a successor to the Wii in 2012.

It forecasts sales to rise 8.4 percent to 1.1 trillion yen for the fiscal year through March 2012 and expects earnings to increase 41.7 percent to 110 billion yen.


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