Square Enix Raises Forecasts

November 16th, 2006, 00:05 Posted By: wraggster

Via Nextgen

Final Fantasy house Square Enix has revised its fiscal first half forecasts upward thanks to a tax adjustment and the CGI movie Final Fantasy VII Advent Children.
According to a company statement, the Tokyo-based game company said that it expects 3.3 billion yen ($27.9 million) in consolidated net income for the six-month period ended September 30, 2006. The revision represents a 32 percent increase from the previous forecast. Sales forecasts were up marginally half a percent to 75.9 billion yen ($642.9 million).

The increase in net income forecasts was due to "an adjustment in the amount of deferred income taxes associated with consolidated accounting," while higher than expected licensing income for Final Fantasy VII: Advent Children drove up net sales expectations.

This most recent revision follows another adjustment Square Enix had made in recent weeks. In late October, the company decreased its net income expectations down nearly 17 percent and its net sales up 11 percent from the prior forecast.

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