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Despite GameCube Delay, Nintendo Revises Profit Forecast Upwards

Nintendo told analysts in Tokyo today that its economic picture is looking rosier than it forecasted last Fall -- despite today's announcement that the Japanese GameCube launch will be pushed back by almost two months
Pushing back the Japanese launch of the GameCube forced the company to lower its expected group sales to $3.72 billion, from $4.03 billion. However, thanks to the falling Yen, the value of the company's foreign-currency holdings has grown, and will allow Nintendo to report higher asset valuations. That increase more than offsets the expected decrease in sales, so the company raised its forecasted group pretax profit to $1.53 billion for the fiscal year (which ended March 31) -- up from the $1.18 billion it projected last Fall. Group net income is expected to total $765 million, up from an earlier forecast of $628 million.

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