27/01/2012

Japanese gaming giant Nintendo has posted net losses of 48.35 billion yen (£400 million) for the nine months to December 2011.

This compares with profits for the same period in 2010 when the company posted a net income of 49.5 billion yen (£410 million).

Nintendo is blaming its woes on slow sales of 3DS software in the first half of the fiscal year, with 28.04 million units sold, and the strength of the yen against foreign currencies.

In a statement the firm said: "Nintendo continues to pursue its basic strategy of 'Gaming Population Expansion' by offering compelling products that anyone can enjoy, regardless of age, gender or gaming experience."

The company will now be pinning its hopes on its new Wii U console, which will feature a unique touch screen controller, motion controls and full 1080p HD graphics.

It will be released at the end of 2012 in time for Christmas.