Ubisoft has reported a €31 million decline in net profit for the fiscal year ended March 31, 2009, despite enjoying a 14 percent annual sales increase.
Net income dropped from €109.8 million to €68.8 million ($95.8m/£59.6m), while sales rose from €928.3 million to €1.06 billion ($1.5b/£918.7m).
The publisher currently holds cash reserves of €154.2 million ($214.7/£133.6), up marginally on last year’s comparable figure.
For the current fiscal year Ubisoft said it expects to generate sales of approximately €1.1 billion ($1.5b/£953.m).
"Ubisoft ended fiscal 2008-09 with full-year sales growth of 18.4 percent at constant exchange rates, the second best profitability among comparable companies in its industry, and a 5.1 percent rise in net income excluding non-recurring items and before stock-based compensation,” said company CEO Yves Guillemot.
“This performance illustrates Ubisoft’s unique business model with cost-competitive development studios and some of the most talented developers in the industry. It enables the company to be at the leading edge of innovation and offer superior quality games, while maintaining a high level of profitability."