By Martin Vedris
TOKYO: Pioneer has suffered its fourth straight financial year loss, as it tries to stem the bleeding from its plasma television and DVD recorder divisions.
The ¥17,992 million (US$179.9 million) net loss comes after a string of bad years for the company, and was due mainly to “a drop in sales of plasma displays and DVD recorders,” the company said. The loss follows a ¥6,761 million shortfall last financial year.
Consolidated operating revenue was also down 2.8 per cent, year-on-year to 774,477 million yen, (US$7,744.8 million), while operating income also fell, down 12.7 per cent, year-on-year to ¥10,907 million (US$109.1 million).
Impairment losses of ¥23,293 million (US$232.9 million), primarily on plasma display production facilities, and higher income taxes following an evaluation of deferred tax assets, despite a gain on land and building sales at the Tokorozawa Plant and some at the Omori Plant also contributed, Pioneer said, as well as a rising yen against US Dollar and Euro.
DVD drives, Blu-ray disc-related devices, car audio products and car navigation systems all saw higher sales, but not enough to offset the home electronics losses.