Nintendo Co. announced during a conference in Osaka Wednesday that they have reached a net profit of ¥24.22 billion ($224 million) after incurring billions of losses in the past years, Market Watch reported.

The president of Nintendo, Satoru Iwata, stated that after a three-year streak of operating losses and a loss of over ¥46 billion ($422 million), the increase in sales of their products have led Nintendo to return to a net profit of over ¥20 billion ($220 million).

"What we are seeing right now is good proof that our business still has a lot of growth potential," Iwata said at the earnings conference in Osaka.

Iwata then officially announced that the company now has a net profit of ¥24.22 billion ($224 million) after earning ¥14.3 billion ($131 million) in the first half of the year alone, and have completely exceeded the expectations of market analysts.

Iwata claimed that the company's rise in profits could be due to the depreciation of the Yen and the sales of their 3DS handheld and Wii U, according to CNET.

Nintendo received 25 percent of their revenue from the Japanese market, and the weaker yen boosted sales profits in the dollars and euros as they received 40 percent of their revenue from the North American market and 30 percent from Europe.

The sales of the 3DS handheld hit 2.09 million units sold thus far and were looking to the upcoming 3DS XL model to sell just as well if not better.

Their Wii U console on the other hand, sold 1.12 million units with its software version reaching sales of 9.4 million.

"Since the May release of 'Mario Kart 8', the Wii U platform has been experiencing improved sales momentum," Iwata said during the conference.

Iwata said that improved sales of the "Mario Kart 8" and similar profitable titles helped increase sales, Reuters reported. Iwata was confident that sales would continue to pick up with the company aiming to sell a total of 3.6 million units by the end of the year.

There are also plans to release "Super Smash Bros." for Wii U in November in the US, and in December in Europe and Japan, just in time for the upcoming holiday season which Iwata said would prove promising for the company. He also stressed that analysts were being too pessimistic on them.

"We believe that our business is in line with our forecast and the unit target isn't impossible to achieve," Iwata said.