Nintendo profits fall 46%

Nintendo has reported a 46 per cent drop in profits since its previous financial quarter.

Total profits from October to December 2010 stand at 104.6bn (794m), down from 192.3bn (1.46bn) made during the same period last year. This represents a change of 87.7bn (667m).

Profits for the entire nine months dipped 74 per cent year-on-year.

Nintendo also cut its sales forecast for the Wii and DS. It now predicts 16m Wii consoles will be sold during its fiscal year ending in March, down from its previous estimate of 17.5m units. The platform holder expects to sell 22.5m DS units instead of 23.5m.

For the year to March Nintendo expects profits to reach 210bn (1.6bn), down from 356.6bn (2.71bn) made last year.

Nintendo’s announcement comes as Sony officially unveils its new PSP handheld – known as the NGP – or Next Generation Portable.

Last September Nintendo cited the strong yen and a post-Christmas 3DS launch as the main reasons for cutting its profit forecast.

Over the past 12 months Nintendo’s shares have dipped 12.5 percent, reports Reuters.

The 3DS launches on March 25th and will retail for around 219 to 229.99.