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Namco Bandai Raises Profit Forecast 88%

Officials from Japanese publisher and developer Namco Bandai have raised the company’s annual profit forecast 88 percent, amidst significant stock market gains following a promise to buy back outstanding shares and new real estate sales gains in Tokyo.
Officials from Japanese publisher and developer Namco Bandai have raised the company’s annual profit forecast 88 percent, amidst significant stock market gains following a promise to buy back outstanding shares and new real estate gains in Tokyo. The company, composed of veteran arcade and home publisher/developer Namco and major toy and Gundam license holder Bandai, yesterday announced plans to spend up to ¥12 billion ($119.0m) to buy back up to 3.14 percent of its outstanding shares. At the same time, net income predictions for the full year were increased to ¥31 billion ($307.4m) – a 28 percent rise on the previous year. This increase though was primarily attributed to a ¥16.7 billion ($165.6m) gain from the sale of real estate in Tokyo – rather than to video games or other merchandise sales. As a result, the company saw share prices enjoy their biggest gain in a month, with a rise of 5 percent, according to Bloomberg.

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