Nintendo Co. said Thursday it has revised downward its fiscal 2003 earnings estimates because it suffered a larger-than-expected 68 billion yen exchange loss due to the yen's appreciation against the dollar.
The video game maker estimated its group net profit for the just-ended year at 33 billion yen, down from a forecast of 54 billion yen on Jan. 29, and a pretax profit of 50 billion yen, compared with 85 billion yen.
The estimate for group sales remained unchanged at 510 billion yen.
With the yen appreciating against the dollar more quickly than expected, Nintendo's foreign-exchange losses swelled an additional 38 billion yen from the original estimate to about 68 billion yen in the year that ended Wednesday, it said.
Nintendo said the losses are projected based on an exchange rate of 105.69 yen to the dollar. The yen traded at about 118 to the dollar at the beginning of fiscal 2003.
Nintendo posted a net profit of 67.27 billion yen and pretax profit of 95.04 billion yen for fiscal 2002.