Square Enix stung by 'increasingly difficult' console market
Publisher blames the console market for its ¥5.7 billion ($914 million) loss for the nine months ending December 31, 2012.
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Square Enix has called out the "increasingly difficult condition of the world-wide console game market" as a reason for the underperforming sales of its console games. The company last night posted a ¥ 5.7 billion ($914 million) loss for the nine months ending December 31, 2012.
Despite an overall 7 percent increase of net sales, up to ¥102.8 billion ($16.5 billion), Square Enix said the tumultuous console market has left the publisher "struggling to achieve a fair expected return on its investment."
"During the nine-month period ended December 31, 2012, the Company has not recovered the operating loss posted in the six-month period ended September 30, 2012, primarily due to the increasingly difficult condition of the world-wide console game market, under which the Group is struggling to achieve a fair expected return on its investment," said Square Enix.
At no point did Square Enix's financial report mention its recent catalogue of Western-developed titles, such as Hitman: Absolution, Sleeping Dogs, Quantum Conundrum and Heroes of Ruin.
The company did take time to say its portfolio of PC and social games were showing "acceptable profit."
Gree-led Final Fantasy Artniks broke in its millionth user over the holiday, joining the likes of Kaku-San-Sei Million Arthur, Sengoku Ixa, and Final Fantasy Brigade.
Square Enix also said upcoming MMORPG Dragon Quest X was showing "steady progress."
Square Enix's latest big-budget console adventure, Crystal Dynamics' reboot of the Tomb Raider series, will be released in March. Square Enix's other titles destined to emerge before the end of its financial year in April include Final Fantasy 11: Seekers of Adoulin alongside Japanese-exclusives Kingdom Hearts - HD 1.5 ReMIX and Dragon Quest 7.
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