By Spencer . April 15, 2013 . 5:19pm
Index Corporation posted a significant loss for the second quarter. While they reached 5.65 billion yen ($58 million) in sales with games like Persona 4 Arena and Persona 4: Golden, Index posted a total loss of 2.263 billion yen ($27 million) for the second quarter of the fiscal year ending on August 31, 2013.
This loss left Index Corporation with 1.435 billion yen ($14.75 million) of debt for the end of the period. Index have not provided specifics surrounding the cause of their losses.
To fix this insolvency issue, Index will perform cost cutting measures such as reducing management personnel and reviewing the number of staff on hand. By doing this and increasing the amount of free cash flow, Index states they can pay back the debt.
For the remaining fiscal year, Index Corporation has Shin Megami Tensei IV, Dragon’s Crown, and New Etrian Odyssey: Millennium Maiden scheduled for release in Japan. When it comes to social games Persona 4: The Card Battle is doing well and so is Gantz. To Heart: Heartful Party and Devil Survivor 2: The Extra World were launched in March and April, respectively.