Iwata striving to regain ‘Nintendo-like’ profits by March 2014

Nintendo is striving to make a return to “Nintendo-like” profits by the end of March 2014.

In the its annual report, company president Satoru Iwata said the firm had reorganised its development divisions to improvement efficiency in hardware and software creation.

The firm has previously admitted that it was struggling to adapt to HD game development for the Wii U, causing a number of delays to its release slate.

He also said Nintendo was increasingly looking at join development with external studios.

Iwata highlighted other initiatives including the Nintendo Web Framework for Wii U development and the expansion of its digital business as part of its plans to strengthen its competitiveness in the medium-to-long term.

“Nintendo posted an operating loss for the fiscal year ended March 31, 2013,” he said.

“However, we strive to regain ‘Nintendo-like’ profits for the fiscal year ending March 31, 2014 by providing many people with fascinating games and services. We continue to make brand-new and unique proposals, and make efforts for the growth of the home entertainment industry with a mission that is to pleasantly surprise people and put smiles on the faces of everyone Nintendo touches.”

Last month Nintendo announced it has sold just 160,000 Wii U during the three months ending June 30th, with software sales just over one million.

Lifetime sales for the Wii U, which launched November last year, currently stand at 3.45 million units.