Nintendo Co. said Friday it has more than halved its forecast for group net profit for the year through March due to the yen's appreciation and sluggish sales of software for the handheld Nintendo 3DS game console.
The video game company is projecting a consolidated net profit of ¥17 billion ($151 million) for the year, down 51.4 percent from its previous projection. It booked a group net profit of ¥41.84 billion the previous year.
The company expects to incur foreign currency transaction losses of ¥20 billion this year, and changed its assumed yen-dollar exchange rate to ¥115 from ¥120 in February.
The forecast for operating profit was slashed 34 percent to ¥33 billion, while the outlook for sales was lowered 12.3 percent to ¥500 billion.
Nintendo left its planned annual dividend unchanged at ¥150 per share.