26 Apr '12, 7am

Japanese game giant Nintendo posts first-ever annual loss of $660 million

Japanese game giant Nintendo posts first-ever annual loss of $660 million

People try out Nintendo Co Ltd's 3DS portable game console at an electronics retail store in Tokyo on April 25, 2012. Nintendo posted its first-ever annual net loss of 43.2 billion yen (S$660 million) in the year to March, reversing a year-earlier profit of 77.62 billion yen. -- PHOTO: REUTERS TOKYO (AFP) - Japanese game giant Nintendo on Thursday posted its first-ever annual loss since becoming a public company, blaming a soaring yen and price cutting on its consoles for losing about US$530 million (S$660 million). The Kyoto-based company said it lost 43.2 billion yen (S$660 million) in the fiscal year through March, reversing a year-earlier profit of 77.62 billion yen, although the result was not as bad as the 65 billion yen loss it had forecast this year. The firm went public in the early 1960s, according to its website.Nintendo said sales dropped 36.2 per cent from the...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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