Mitsumi Electric raises forecast on Nintendo Wii

TOKYO, Feb 7 (Reuters) – Japanese electronics parts maker Mitsumi Electric Co. (6767.T: Quote,Â NEWS , Research) on Wednesday raised its group net profit forecast for this business year by 59 percent on strong sales of Nintendo Co.’s (7974.OS: Quote,Â NEWS , Research) Wii game console.

Mitsumi, which supplies the controller and other parts for the fast-selling Wii, said it now expects to post a net profit of 10.2 billion yen ($85 million) in the year to March 31, up from its previous estimate for a profit of 6.4 billion yen.

The company raised its group sales forecast by 5.7 percent to 276 billion yen.

Mitsumi’s profits have also been boosted by steps to rationalise its production and design practices.

For the April-December period, Mitsumi Electric said its net profit surged to 8.75 billion yen from 965 million yen a year earlier. Sales jumped 15 percent to 207.2 billion yen.

Mitsumi Electric raised its annual dividend forecast by 10 yen per share to 33 yen.