Nintendo Co Ltd blamed the soaraway yen – actually the fadeaway dollar – for a stunning 24% plunge in turnover for fiscal 1994. The erstwhile king of the games field says it is likely to continue to face difficulties because of the negative outlooks for the European and Japanese economies, and also because of unexpected fluctuations in currency exchange rates. Group pre-tax profit fell 44.2% to the equivalent of $892m. It is hoping to see a turnaround this year and to grow group profit by 18.5%. Analysts are sceptical, saying it can no longer demand its traditional level of royalties.
