Square Enix: Latest Earnings Report Show Signifant Annual Loss
Things continue to look bleak for the once mighty Square Enix. The company posted a significant loss in an earnings report for the year ending on March 31, 2013.
According to the report Square Enix has suffered a net loss of 13.7 billion yen or $135 million for the stated time period. Comparing it to last year for the same period, Square Enix had recorded a profit of 6 billion yen.
The company blamed poor sales of major console games for the new figures, as well as the recent implementation of major restructuring plans.
Square’s Digital Entertainment division brought in revenues of 89 billion yen, which is an increase of 24.5 percent year-on-year. However, the division’s operating income declined by a staggering 99.7 percent ending up with 44 million yen.
According to the company, the “operating income decreased significantly, primarily due to underperformance of major titles for consumer game consoles in North America and Europe”.
For the next financial year ending on March 31, 2014 Square Enix has predicted a profitable return, with expected sales of 140-150 billion yen.