Nintendo Posts First Ever Loss

As predicted Nintendo has suffered its first loss as a company, in its more than one hundred year history. The company suffered a group net less of ¥2.89 billion ($26.56m) for the six months ended September 30, compared to a net profit of ¥18.97 billion ($175.24m) last year. However the majority of the losses have been attributed to the company’s huge reserves of cash and property holdings outside of Japan, which have been adversely affected by currency fluctuations. What was most interesting about the company’s press statement was the promise to launch a new product, unrelated to either the GBA or GameCube successor, in Japan by the end of next year. Even Nintendo of America marketing boss George Harrison has admitted to not knowing what the product is – it will be unveiled for the first time at E3 in May 2004.