KAWASAKI (dpa-AFX) - Japanese car electronics maker Pioneer Corp. (PNCOF.PK) reported that its second-quarter net loss attributable to owners of the company widened to 614 million yen or 1.67 yen per share from last year's net loss of 305 million yen or 0.83 yen per share, mainly due to recordings of foreign exchange loss and restructuring costs.
Operating income for the period doubled to 2.292 billion yen from 1.140 billion yen a year ago, reflecting an improved cost of sales ratio mainly due to a decrease in depreciation and amortization.
Consolidated net sales for the second quarter slid 2.3 percent to 92.8 billion yen, primarily due to lower sales of the Car Electronics OEM business, more than offsetting the positive effect of the Japanese yen's depreciation.
For fiscal 2018, the company continues to expect net sales of 380.00 billion yen, operating income of 10.00 billion yen, and net income of 3.50 billion yen.
Copyright RTT News/dpa-AFX