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Social games delay forces Konami to cut its full-year forecast

Konami has been forced to cut its forecast for the current fiscal year, following reduced third quarter results for its game division, and a delay in development of its upcoming social games.
Konami has been forced to cut its forecast for the current fiscal year, following reduced third quarter results for its game division, and a delay in development of its upcoming social games. The company said that social games like Dragon Collection, Star Wars: Force Collection and World Soccer Collection S are performing strongly for the company, yet admitted that delays to upcoming social games means that it has had to reduce its fiscal forecasts. Meanwhile, Konami says console title Jikkyou Pawafuru Puroyakyu 2013 in Japan has helped to sustain its AAA sales. Overall, the company recorded 9.5 million console games sales, with 5.52 million of those going towards soccer games -- that is, the Pro Evolution Soccer series. For the nine months ended December 31, 2013, Konami's Digital Entertainment sector, which houses its game business, recorded revenues of 71.6 billion yen ($705.2 million), down compared to 80.6 billion yen ($793.5 million) year-over-year, and operating income of 5.9 billion yen ($58.3 million), down compared to 15.6 billion yen ($153.7 million) year-over-year. Konami as a whole reported revenues of 155.9 billion ($1.5 billion), down 2.6 percent year-over-year, and profits of 5.1 billion yen ($49.8 million), down 42.7 percent year-over-year. Looking to the full fiscal year, Konami now expects to record revenues of 210 billion yen ($2.1 billion), down 9.5 percent compared to the previous forecast, and profits of 6.5 billion yen ($64.0 million), down 58.1 percent compared to the previous forecast.

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