Nintendo posts earnings statement

Nintendo has posted its yearly earnings statement, which includes figures for total sales of its GameCube and Game Boy Advance hardware and software. The statement also confirms changes in the company's personnel hierarchy, including the elevation of Satoru Iwata to president and the retirement of Hiroshi Yamauchi.

According to the earnings statement, Nintendo sold more than 17 million Game Boy Advance units in the fiscal year ending in 2002, as well as 3.8 million Game Cube units. Nintendo has posted record profits, up 10.2 percent to 106.4 billion yen ($855.8 million) in the fiscal year. Nintendo also stated that it expects net profits to dip to 90 billion yen in the next fiscal year, down 15 percent, despite a 15 percent rise in sales. Nintendo will also begin producing GameCube hardware in China to reduce manufacturing costs.

Satoru Iwata, 42, set to become Nintendo's president today, said that the company's priority is to develop innovative games rather than get bogged down in a costly competition with its rivals.