KAWASAKI (dpa-AFX) - Pioneer Corp. (PNCOF.PK) reported that its net loss attributable to owners of the company for the year ended March 31, 2017 was 5.054 billion yen, compared with a net income of 731 million yen for fiscal 2016. This was mainly due to a decrease in operating income, and a recording of 3.014 billion yen extraordinary loss of restructuring costs overseas.
Operating income was 4.167 billion yen, a 42.9% decrease year on year, reflecting a decrease in net sales, despite a decrease inselling, general and administrative (SG&A) expenses mainly due to foreign exchange rate movements, and an improvement in the cost of sales ratio.
In fiscal 2017, consolidated net sales declined 14.0% year on year to 386.682 billion yen, mainly from a decrease in sales of Car Electronics, particularly in OEM business, and the negative effects of the Japanese yen's appreciation.
For fiscal 2018, ending March 31, 2018, the company expects net income to be 3.50 billion yen, net sales of 390 billion yen.
Operating income for fiscal year 2018 is projected to in crease to 10.0 billion yen, because of an improvement in the cost of sales ratio mainly due to a decrease in depreciation and amortization, and net income attributable to owners of Pioneer is projected to be 3.5 billion yen.
Separately, Pioneer Corp. said that tit will submit a proposal on the reduction of additional paid-in capital and appropriation of surplus to the 71st Ordinary General Meeting of Shareholders to be held on June 28, 2017.
The company will reduce additional paid-in capital on non-consolidated basis and appropriate surplus, in order to ensure the flexibility and mobility of its capital policies in the future and to prepare for early resumption of dividend payments, at the same time to cover the deficit of retained earnings brought forward.
Copyright RTT News/dpa-AFX