Games publisher Take-Two posted a rather substantial loss during their first-quarter earnings report, losing $110 million over the three-month period. As reported by Gamespot, the loss is primarily attributed to lower-than-expected sales of Max Payne 3 and Spec Ops: The Line. Even with this news, Take-Two made sure to announce that they are making “substantial progress” on Grand Theft Auto V.

Even after shipping 3 million copies of the noire-style cover-based shooter Max Payne 3, Take-Two’s loss also includes a single-time payment of $15 million for an unspecified reason. Positive sales for the publisher came from continued sales of Red Dead Redemption, Grand Theft Auto IV, NBA 2K12, and the release of Max Payne 3. Digital content sales, including add-ons for Red Dead and Sid Meier’s Civilization, were up 33% from last year, contributing 13% of net revenue.

Even with these low points, Take-Two is expecting to swing back into profitability by the end of the fiscal year, with a projected $200-$250 million in revenue for the next quarter. Grand Theft Auto V, a title which will surely drive nothing but profit, still has an undisclosed release date and platform specification.