Take-Two has announced losses of $50 million

Take-Two has announced its financial results for its second quarter, which ended on April 30 2006.

Net loss for the quarter was $50.4 million, in comparison to $8.2 million in the same period the previous year. For the six month period ending April 30, net loss is reported as $79.5 compared to a net income of $47.1 million for the same period last year.

Take-Two has attributed the lower results for the period to the general retail weakness for video game software, plus the difficulties in matching the strong sales of GTA: San Andreas of the previous year. The company does, however, expect to return to profitability in the fourth quarter of fiscal 2006.