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JVC Kenwood Posts First Annual Profit

4/27/2012 11:57:36 AM Eastern
Tokyo - JVC Kenwood reported lower sales and but a net profit for its fiscal year, ended March 31, the first annual profit since the company was formed in 2008.

Net sales were 320.7 billion yen, down 9 percent from the prior year, and the company reported a net profit of 6.03 billion yen compared with the prior year's net loss of 4.02 billion yen, its first year-on-year net profit since JVC Kenwood was formed in October 2008.

The company blamed the Great East Japan earthquake of last March and floods in central Thailand for much of its woes, along with a higher yen and a slow recovery of the U.S. economy and fiscal problems in Europe.

In car electronics, sales were down 1.1 percent to 107.2 billion yen and had an operating loss of 1.5 billion yen.

Home and mobile sales were down 22.5 percent to 77.5 billion yen, but operating profit was 1.73 billion yen, reversing the prior year's 835 million yen loss.
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