Sega Sammy profits plunge yet again

Posted May 12, 2007 at 7:01AM EST by QJ Staff

Listed in: Wii, PS3, Nintendo DS, Xbox 360 Tags: Japan, Pachinko, Sega

Sega Sammy Holdings profits have dropped 34 percent as of the end of their fiscal year this March. The game and pinball company which merged last October 2004 apparently lost money due to the drop in interest at pachinko parlors in Japan. This is bad news.

While the company did not give an exact breakdown of their quarterly earnings. They announced a profit of only 43.5 billion yen (about US$ 363 million) compared to last years 66.2 billion yen (about US$ 550 million). Their quarterly sales dropped by 4.5 percent. Sega Sammy attributed their loss to the 20% drop in pachinko machine sales in the last fiscal year.

They are already projecting a paltry 35 billion yen (US$ 292 million) profit for the fiscal year through March 2008. As expected due to the financial difficulties, shares of the said company went down by 1.5 percent to 2,895 yen (US$ 24).

This is bad news for Sega Sammy since there has been no word whether a turn-around of their situation is expected. Well, given the market they cater to, anything can happen right?

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Sega Sammy profits plunge yet again

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