Square Enix profits shrink 62%

Square Enix has reported a disappointing set of financial results for the three-month period ended June 30, 2011 Profits shrunk 62 percent year-over-year to just 690 million yen (£5.4 million), while sales were down 25 percent to 24.5 billion yen (£191.3 million).Square president Yoichi Wada said in a statement: "In a quarter without major title releases, profit and sales were lower compared to the previous year."We are focusing all our efforts on rebuilding the group businesses during the current fiscal year toward generating a substantial earnings recovery from the fiscal year ending March 31, 2013 and beyond."Square published an updated product release schedule as part of its financial results, which said Final Fantasy XIII-2 will launch in Europe in "early 2012". Tom Ivan