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Square Enix Blames Console Games for Last Year’s ¥5.7B Loss

Square Enix has admitted that the console market for their games is not favoring them in the least bit.

For the nine months ending on December 31, 2012, the company suffered a 5.7 billion yen loss and that to after sales improved to 102.7 billion yen.

“During the nine-month period ended December 31, 2012, the Company has not recovered the operating loss posted in the six-month period ended September 30, 2012, primarily due to the increasingly difficult condition of the world-wide console game market, under which the Group is struggling to achieve a fair expected return on its investment,” said the Japanese company.

Though the company spoke good about their PC and mobile games; the mention of their Hitman: Absolution and Sleeping Dogs titles were missing from their financial report.

But despite all this bad news, Square Enix is positive that they will make a proft for the year ending on March 2013. “The Company views the expansion of content and services that conform to emerging customer needs led by the fundamental change in the business environments, and the launch of full-scale commercial services for major MMO titles will establish its profit base, and is focusing all efforts on an earnings recovery from now on,” Square Enix said.

In this timeline Square is scheduled to release four titles – Final Fantasy 11: Seekers of Adoulin, Kingdom Hearts – HD 1.5 ReMIX, Tomb Raider and Dragon Quest 7 on 3DS.

[via Eurogamer]