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TOKYO, May 13, 2010 - (ACN Newswire) - Pioneer Corporation today announced its consolidated and non-consolidated business results for the year ended March 31, 2010.
In fiscal 2010, consolidated net sales decreased 21.4% year on year to 438,998 million (US$4,720.4 million). This was mainly the result of decreased sales of plasma displays, from which business Pioneer withdrew in fiscal 2010, and lower sales of car electronics products and DVD drives, as well as the impact of the Japanese yen's appreciation. This was despite increased sales of Blu-ray Disc-related products.
Operating loss was 17,514 million (US$188.3 million) in fiscal 2010, improving from 54,529 million in fiscal 2009. This change primarily reflected lower selling, general and administrative (SG&A) expenses and improvement in the gross profit margin, owing to benefits from restructuring, despite the drop in net sales. On a semi-annual basis, the operating loss was 22,760 million in the first half, and operating income was 5,246 million in the second half. Pioneer thus restored operating profitability in the second half of the fiscal year. The net loss improved from 130,529 million in fiscal 2009 to 58,276 million (US$626.6 million) in fiscal 2010. In addition to improved operating results, the smaller net loss reflected decreases in the loss on valuation of investment securities and in income taxes.
Contact:
Investor Relations Department, Corporate Communications Division
Pioneer Corporation, Japan
Phone: +81-44-580-1004 / Fax: +81-44-580-4064
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://pioneer.jp/ir-e/
Topic: Press release summary
Source: Pioneer Corporation
Sectors: Daily Finance
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From the Asia Corporate News Network
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