TOKYO, Oct 24: Nintendo on Wednesday slashed its annual net profit forecast by 70 per cent and said it remained in the red as the Japanese videogame giant gets set to launch its next-generation Wii game console.

The Kyoto-based firm blamed a host of factors on its slumping outlook including a strong yen, price cuts, and weaker-than-expected sales for its consoles and software, which includes the Super Mario and Pokemon brands.

Nintendo is counting on the new Wii U with its tablet-style touch screen controller to boost its balance sheet, after opening play to masses of “casual players” with motion-sensing controls on the original Wii console in 2006.

Last year, the firm chopped the price of its Nintendo 3DS console — the world’s first video games console with a 3D screen that works without special glasses — after a lacklustre debut as it struggled to boost Christmas sales.

On Wednesday, Nintendo said it expects a net profit of 6.0 billion yen ($75 million) for the year to March, sharply lower than its earlier forecast of 20.0 billion yen, on sales of 810 billion yen, down from 820 billion yen.—AFP