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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Nintendo bucks industry gloom with rising profits AFP - Friday, October 31 TOKYO (AFP) - - Nintendo Co. said Thursday that strong sales of its hit Wii and DS video game consoles enabled it to buck a slump in the Japanese electronics industry and stay on course for record profits. The company downgraded its outlook slightly in light of the strong yen but still expects annual profits to rise by about one third, a more than respectable performance compared with many other Japanese manufacturers. Nintendo, which vies with Sony and Microsoft for a share of the multi-billion dollar global video game industry, said sales of the family friendly Wii soared more than one third from a year earlier to top 34 million since its launch. Console makers are hoping the industry will prove relatively recession-proof as financially squeezed people spend more time at home with their consoles. Nintendo said net profits rose 9.4 percent to 144.8 billion yen (1.5 billion dollars) in the six months to September. Operating profit jumped 34 percent to 252.2 billion yen as revenue increased by 20 percent to 836.9 billion yen. "Our business itself is going well and we are expecting sales volume to increase," said Nintendo spokesman Ken Toyoda. With the stronger yen reducing overseas earnings, the firm lowered its net profit forecast for the full year to March by 16 percent to 345 billion yen. That would still mark a 34.1 percent increase from the previous year, at a time when rival Sony is expecting a 59 percent plunge in annual profits. Nintendo's overseas revenue, which accounts for roughly 90 percent of the total, was slowing due to the rapid increase of the yen, said company president Satoru Iwata. "We will also see large foreign exchange losses because we own a lot of assets denominated in foreign currencies," he told reporters. The group expects full-year operating earnings to rise 29.3 percent to 630 billion yen as revenue climbs 19.6 percent to 2.0 trillion yen. Nintendo, the video game giant behind Mario and Donkey Kong, has long dominated the market for handheld machines with its Game Boy and DS series. Now it has also trumped Sony Corp. in home video game consoles with the Wii, whose innovative controller can be used to simulate the swinging of a tennis racket or even Harry Potter's wand. Nintendo hiked its sales forecast for the Wii to 27.5 million units for the year to March, up from an earlier target of 26.5 million. It kept its sales projection for the DS at 30.5 million consoles. The Kyoto-based company sold 10.1 million Wii consoles in the six months to September, up 38 percent from a year earlier. It sold 13.73 million handheld DS consoles in the first half, up from 13.35 million a year earlier, helped by brisk demand in the United States and Europe. The company scored a hit with the new game "Pokemon Platinum", which sold one million copies in just three days after its launch in Japan. Since the launch in November 2006, it has sold 34.55 million units of the Wii, which is aimed at people who normally would not play video games. While Sony put the emphasis on chip power and ultra-realistic graphics for the PlayStation 3, which is still losing money, Nintendo opted to develop a cheaper, easy-to-use console that would appeal to a wider audience. Nintendo is due to launch a new version of its popular DS handheld console on Friday with a built-in camera and enhanced audio capabilities. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Stocks up on GDP report in relatively calm sessionAP - 2 hours 8 minutes ago Newell Rubbermaid 3Q profit falls 68 percentAP - 2 hours 53 minutes ago Commodities fall on recession concernsAP - 2 hours 58 minutes ago US diabetes rate doubles over 10 yearsAP - Friday, October 31 Macau lifts Wynn Resorts Q3 profit 14 pctReuters - Friday, October 31 Enlarge Photo Nintendo bucks industry gloom with rising profits Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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