JVC Kenwood Post Higher Profit, Lower Sales

By Steve Smith -- TWICE, 2/1/2012

Tokyo - JVC Kenwood Holdings reported higher net profit but lower net sales and operating profit for the nine months ending Dec. 31, 2012.

While hit by the sluggish world economy, an appreciating yen and the aftermath of the Great East Japan Earthquake and Thailand floods, JVC Kenwood's net income was 4,409 million yen, about double from the prior year.

Net sales were 236,542 million yen, down 11.5 percent from the prior year. Operating income was 8,791 million yen, down 6.6 percent from the prior year, the company reported.

The performance of two key businesses involving consumer electronics products were mixed during the period.

Car electronics sales were 77,707 million yen, down 2,851 million yen. Operating profit was 4,360 million yen, down almost a third from the prior year's 6,024 million yen.

JVC Kenwood reported that home and mobile products sales were down almost 20,000 million yen to 59,274 million yen. But the segment had an operating profit of 1,433 million yen compared with an operating loss of 378 million yen in the prior year.