Konami’s profits up thanks to slots business

Konami's profits up thanks to slots businessGamblers seem to have developed a preference for slot machines this past quarter. Many casino operators have reported an increase in slot machine activity and revenue and Konami Corp. is happy because of it. The Japanese company manufactures slot machines, among other items, and the increases in slot activity allowed Konami to report a gain of 9.6% in its annual revenue for the period ending March 31.

Across the board, Konami saw net income increase by 12.1% year-on-year, reaching $311.6 million. A jump of 5.2% in net revenue was reported for the company’s gaming and systems division, delivering $284.3 million. The division’s profit increased by 8.2% year-on-year, reaching just over $42.8 million.

A company press release on its finances indicated that Konami had “enhanced” its portfolio to include the KX43, a new upright cabinet. The cabinet was introduced last year in Las Vegas at the Global Gaming Expo 2018. Konami added, “We also promoted market revitalisation by providing new entertainment with the installation of Fortune Cup mainly in the North America and Asia.”

Several standard offerings also helped move the company forward. The press release explained, “The sales of the latest cabinet in the Concerto series, including Concerto Crescent and Concerto Stack, as well as Concerto Opus … continued to perform strongly,”

Because of the success of the Concerto series and KX43, Konami plans on focusing attention on these two products, but will continue to innovate. It asserted, “We continue to focus on developing new products and services by leveraging our expertise and technology accumulated through Konami Group’s amusement machines to boost our market presence.”

Konami is active around the globe. It operates outside of its home country under the Konami Australia Pty Ltd. and Konami Gaming Inc. names, with the latter being a U.S.-based entity. The company also offers pachinko games and is heavy into video and mobile games, as well as digital entertainment and sports.

The results will benefit shareholders, as well. Konami has announced a year-end dividend of $0.60 (65.5 Japanese yen) per share, which is in addition to the previous interim dividend. For the year ending March 31, the company paid out a total dividend of $1.15 per share, an increase of 85.3% year-on-year.