Nintendo’s President Satoru Iwata announced that he will cut his salary in half after the company recorded disappointing profits.

The company’s profits were down 8.1 per cent on the prior year, which was down 2.4 per cent on the year before that. The company’s profit showed an even steeper decline, sinking 30 per cent.

Satoru will receive half of his usual salary for the next five months, while Nintendo board members will receive a 20 to 30 percent cut in their salaries.

The Japanese gaming console giant’s revenues dipped following sluggish demand for the Wii U games console amid fierce competition from Microsoft’s Xbox One console and Sony’s Playstation 4.