Pioneer on Thursday said it remained in the red, with a first half group net loss of JPY40.86bn although that was down from JPY44.07bn a year earlier.
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The electronics and car navigation maker booked an operating loss of JPY22.76bn versus JPY14.34bn a year earlier, on sales down 37.7% to JPY203.73bn.
The results reflect slower sales of car electronics products against the backdrop of an economic slowdown and the yen’s appreciation as well as a drop in sales of plasma displays, costs related to an early retirement programme and other restructurings, and a fall in tax expenses, Pioneer said.
For the entire fiscal year to 31 March, the company last week trimmed its loss projection, citing restructuring efforts and recovery in car electronics sales in emerging economies.
Pioneer now foresees a group net loss of JPY59.5bn and operating loss of JPY25.5bn on sales of JPY451bn yen. In May, it predicted a net loss of JPY83bn and operating loss of JPY33bn on sales of JPY420bn, Kyodo News noted.
”Structural reforms are being pursued as planned,” Pioneer president Susumu Kotani said at a news conference on Thursday, noting that the firm is able to halve the amount of money it needs to raise to enhance its financial base from JPY40bn.
