Sega loses less money in 2008 (Thanks, Werehog!)


According to Edge, the house that Sonic built is inching toward the black. Sega Sammy has reported a net loss of around $240 million for its fiscal year ending March 31, down $310 million from last year's losses of $550 million. The company's sales declined 6.5% to roughly $4.5 billion, while the game division itself saw a sales decline of 7.5% to $1.38 billion. The gaming division also managed to dramatically reduce its operating loss to $9.9 million, down from 62.8 million last year.

The company highlighted Mario & Sonic at the Olympic Games, Football Manager 2009 and Sonic Unleashed as good performers in the US and European markets, while Yakuza 3 and Phantasy Star Portable did well in the Japanese market. The company also noted that 85% of the 29.47 million games sold this fiscal year were sold in the US or Europe.

Having already laid off 560 employees and closing 110 amusement facilities, Sega plans to continue with restructuring plans, which include "bringing together the sales and manufacturing functions" and also publishing fewer titles. No word on whether the publisher plans to continue its streak of putting out well-reviewed games that no one will buy.

This article was originally published on Joystiq.