Nintendo Price Gouge Consumers As Profits Fall 66%

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Nintendo who is set to launch a new gaming console next year has reported a 66 percent plunge in profits.In Australia their local Australian subsidiary is trying to bolster profits by price gouging consumers.

Their new 3Ds hand held gaming device has a recommended retail price of $338 in Australia, while the same device is selling in the USA for $249. Taking into account the current exchange rate the US product falls in price to $231 some $107 cheaper than in Australia.

Earlier today Nintendo said that net profit was down for the second straight year, due to poor sales of its DS handheld game device and Wii home console.

The Japanese videogame maker said its net profit for the fiscal year ended March 31 was $944.5 million, down 66 percent from the same period a year-earlier. Revenue was down 29 percent.

Nintendo also said it plans in 2012 to launch a home console to replace the Wii, which has sold 86 million units since its 2006 debut. The company said it plans to show a working model at June’s E3 Expo in Los Angeles.

Nintendo said it had sold 3.61 million 3DS units by the end of March, short of its forecast of four million. The 3DS went on sale in Australia the last week of March.

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