Nintendo Upgrades Fiscal Year Group Net Profit View To Y410 Billion
Friday August 29th, 2008 / 6h45
TOKYO -(Dow Jones)- Nintendo Co. (7974.OK) Friday raised its sales and profit outlook for the fiscal year ending March 31, citing continued strength in sales of its game consoles and software titles. The Kyoto-based company raised its net profit outlook to Y410 billion from Y325 billion. The revised figure represents a 59% gain from the Y257.34 billion the company generated in the previous fiscal term. The brisk performance underscores the strength of Nintendo's Wii console and handheld DS consoles and software in the battle with Sony Corp. and Microsoft Corp. in the video game market. Nintendo's sales are now pegged at Y2.0 trillion, higher than Y1.8 billion previously reckoned. It also raised its full year dividend payment outlook to Y1,680 compared with Y1,370 in its prior outlook. For the full fiscal year, it is now targeting a 42% rise in sales of the Wii console to 26.5 million in the global market, compared with 25.0 million units in its April outlook. It also predicts a 0.6% rise in sales of the DS console to 30.05 million units, better than a 7.6% fall to 28.0 million units perviously foreseen. Sales of its DS software titles are pegged at 197 million units, compared with 187 million units in its prior outlook. Nintendo's earnings results are based on Japanese accounting standards. In trading on the Osaka Securities Exchange, sales jumped after the outlook revision. At 0526 GMT, they were up 6.9% at Y51,100 after going limit up at Y51,800. -By Hiroyuki Kachi, Dow Jones Newswires, 813-5255-2929, hiroyuki.kachi@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=zqA%2BjI6lIzdxa%2FbHsvt05w%3D%3D. You can use this link on the day this article is published and the following day.
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