Japan's Pioneer heading for big loss

0 Comments | AFP, October, 2005

TOKYO (AFP) — Japan's Pioneer warned it expects to run up a net loss of 24 billion yen (208 million dollars) in the year to March 2006 on disappointing sales of DVD recorders and other consumer electronics products.

The projected loss marks a significant deterioration from a profit of one billion yen that Pioneer had previously forecast.

Pioneer, a major maker of car navigation systems and plasma display panels, also cut its full-year revenue forecast to 770 billion yen from a previous projection of 810 billion.

The downgrade contrasted with improving fortunes at rival Toshiba, which said earlier Friday it had raised its net profit forecast for the six months to September to 14.6 billion yen from zero thanks to strong chip sales.

© 2005 AFP