Sega Sammy reports $499m loss

The company has released results for the financial year showing plummeting revenues

Sega has released its results for the financial year ended March 31 2008, reporting a net loss of JPY 52.47 billion (USD 499 million) compared to the previous year's net income of JPY 43.46 billion (USD 413.4 million).

These results show a sharp decline in the company's fortunes with sales revenue dropping to JPY 458.9 billion (USD 4.3 billion) - a decrease of JPY 69.2 billion (USD 658 million) from JPY 528.2 billion (USD 5.02 billion) the previous year .

This drop in revenue was further hit by a sharp rise in the cost of sales, eating into the revenue by JPY 338.5 billion (USD 3.22 billion) or 73.8 per cent, from JPY 325.1 billion (USD 3.09 billion) or 61.5 per cent.

However, Sega did see its videogame software sales reach 26.9 million units, a increase of 5.7 million from the previous fiscal year.

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