KYOTO: Nintendo, the Japanese games company, plans to expand its presence in emerging markets next year by developing a new console especially for these nations, the company's president has revealed.

By targeting consumers with lower incomes and less familiarity with its software, Nintendo intends to develop completely new products rather than promoting cheaper versions of its existing range, such as its poorly performing Wii U.

Speaking to Bloomberg, Nintendo president Satoru Iwata, said: "We want to make new things, with new thinking rather than a cheaper version of what we currently have. The product and price balance must be made from scratch."

The development comes after the company posted disappointing fiscal year-end results, including a net loss of ¥33.4bn ($329m) in the three months to the end of March.

To help stem the losses, Nintendo is looking for new markets and also hopes the release of new high-tech figurines of its more popular characters and a new function for its Mario Kart 8 Wii U game will lift sales.

However, Iwata said he did not expect Nintendo would seek to make its games available on smartphones unless the move could be made successful.

"Our games such as Mario and Zelda are designed for our game machines so if we transfer them into smartphones as they are, customers won't be satisfied," he explained.

"If customers aren't satisfied with the experience, it will decrease the value of our content," he added.

Data sourced from Bloomberg; additional content by Warc staff