Because of a slump in its amusement park business, Namco Bandai Holdings Inc. has cut its annual profit forecast 38 percent and will shut as many as 60 amusement facilities.
Tokyo-based Namco Bandai expects net income to total ¥16.5 billion in the year ending March 31, down from its previous forecast of ¥26.5 billion.
Profit from amusement facility operations in the nine months to Dec. 31 fell 57 percent from a year earlier, the company said Wednesday in a statement distributed at the Tokyo Stock Exchange.
Namco Bandai's three-year business plan targets ¥58 billion in operating profit on sales of ¥550 billion for the 12 months ending in March 2009. Operating profit is what remains after subtracting from sales the cost of goods sold and administrative expenses.
"It will be difficult to achieve the three-year target," said Takeo Takasu, Namco Bandai's president.
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