Publisher Take Two has revealed that it has suffered a year-on-year increase in losses, following a $50.4m loss in its fiscal Q1 – up from the $38m loss suffered in the same period the year before.

Revenues, however, rose to $256.8m, up seven per cent from the $240.4m seen in 2008.

The publisher credited global hit Grand Theft Auto IV, which has to date now sold over 13m copies worldwide. Also noted for their success were casual hit Carnival Games, Midnight Club: Los Angeles and NBA 2K9.

“In the context of not being happy to report a loss, we feel somewhat satisfied that things are going a bit better than expected,” Take 2 chairman Strauss Zelnick told Reuters.

“Our guidance reflects some uncertainty in terms of where the consumer spending is going to be and we've tried to take a prudent outlook in general but we're cautiously optimistic that things will be reasonably sound this year. That being said, I don't think anyone is writing home about the consumer economy right now.”

Take 2 forecasted profits of $1.25bn for its fiscal 2009.