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Nintendo now expects £535 million annual loss

Firm issues revised forecast following disappointing nine month financials

Nintendo has more than trebled its loss forecast for the business year ending March 31, 2012, from the 20 billion yen (£165 million) expected back in October to 65 billion yen (£535 million).

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The news was delivered alongside disappointing financial results for the first three quarters, during which the company recorded net sales of 556 billion yen (£4.58 billion), down 31.2 percent year-over-year, and losses of 48.3 billion yen (£398.2 million), compared to a profit of 49.5 billion yen (£407.3 million) for the same period the previous year.

Nintendo blamed the loss on August's global 3DS price cut, a similar reduction in Wii's price, and the continued strength of the yen, Edge reports.

Worldwide 3DS sales in the nine months to December 31 totalled 11.43 million units, but have now surpassed 15 million mark, while Nintendo sold 8.96 million Wii systems in the first three quarters.

Following the release of its financial results, Nintendo president Satoru Iwata reiterated that Wii U will be available in Japan, Europe and the US by the end of 2012.

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