OSAKA , Jan. 17 -- ( Kyodo ) _ (EDS: ADDING 2ND GRAF) Nintendo Co. said Friday it expects to post a net loss of 25 billion yen for the year through March, instead of an earlier-projected profit of 55 billion yen , on weaker-than-expected game console and software sales in the year-end shopping season. But Nintendo President Satoru Iwata vowed not to resign for the earnings deterioration. "Although I feel responsible (for the deterioration), it is important for me to recover a momentum at an early date," he told a press conference. Nintendo now expects to book a group operating loss of 35 billion yen for the year, against an earlier-projected profit of 100 billion yen , as it slashed sales estimates for its Wii U home video game console and Nintendo 3DS portable console. Last year the Japanese gaming giant posted a net profit of 7.10 billion yen but an operating loss of 36.41 billion yen on sales of 635.42 billion yen . For the current year to March, Nintendo slashed its sales estimate to 590 billion yen from 920 billion yen forecast in April. It also cut its dividend payment projection to 100 yen per share from 260 yen . Nintendo axed its annual sales estimate for the Wii U to 2.8 million units from 9 million units, and cut its outlook for the Nintendo 3DS to 13.5 million units from 18 million units. "In the year-end sales season which constitutes the highest proportion of the annual sales volume, software sales with a relatively high profit margin were significantly lower than our original forecasts mainly due to the fact that hardware sales did not reach their expected level," the company said.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- U.S. Consumer Sentiment Falls in Early March
- Vybz Kartel Convicted of Murder
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Koch Brothers Step up Anti-Obamacare Campaign
- U.S. to Relinquish Gov't Control Over Internet
- Is Malaysian Airlines Flight 370 in Andaman Sea?