NAMCO BANDAI: Q1 results announced

Namco Bandai Holdings reported a 66 per cent drop in operating profit yesterday.
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The holding company of toy maker Bandai has attributed the drop in profit mainly to the rising price of fuel, but has also said sluggish content business and weak toy sales have further affected sales.

Operating profit slid to 1.53 of billion yen ($14.1 million) in the quarter from 4.47 billion a year ago, the company said.

Net profit plunged 63 per cent to 1.02 billion yen as revenue declined 6.4 per cent to 89.98 billion yen.

For the first half to September, the company is forecasting net profit of billion yen, operating profit of billion yen and revenue of billion yen, compared to the projections made in April for net profit of 4.5 billion yen and operating profit of 7.5 billion.

The firm lowered its first-half revenue forecast to 200 billion yen from 202 billion yen previously due to weaker than expected sales at its arcade game facilities.

The company left unchanged its full-year to March 2009 guidance, expecting net profit of 22.5 billion yen, operating profit of 38 billion yen and revenue of 470 billion yen.

Namco Bandai president Takeo Takasu told a news conference: “Although you may think attaining the guidance is a bit challenging if you look at the first-quarter results, given the fact that new services and products will arrive mostly in and after the third quarter (to December), we believe that we are on the right track.”

Source: Forbes

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