Take-Two: "GTA 5 is in full development and making substantial progress."

Strauss Zelnick, CEO and chairman of Take-Two, has blamed delays to its games for the poor financial results it has posted last year. In total, a loss of $107.7 million was filed.

”This was primarily due to our decision to postpone the release of several titles in order to allow for additional development time,” he said during the company AGM.

”Although our commitment to quality may occasionally affect near-term results, we believe it’s the right approach for maximising revenue and profits over the long-term.”

To put minds at rest, Zelnick also confirmed progress on GTA V is going ahead as planned.

”Grand Theft Auto 5 is in full development and making substantial progress.”

We expect it’ll still be some time before a release date is announced though…