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JVC Posts Fiscal First Half Profit

10/26/2006 02:23:00 PM Eastern

Tokyo – JVC reported it returned to profitability during its first half that ended Sept. 30 with its cost cutting programs during the year.

The net income for the first half was $42.2 million vs. last year’s first half loss of $128.5 million. While JVC posted a profit for the half, net sales were down slightly. Net sales for the first half were $3.11 billion, slightly lower than last year’s $3.25 billion for the same period.

Looking at JVC by product segment its largest is CE, where it had $2.3 billion in sales during the first half, lower than the $2.41 billion during last year. Overseas sales for all JVC categories hit $2.2 billion during the first half, slightly higher than the $2.19 billion of last year.

JVC reported that net sales were down in the Americas while up year-on-year in Europe and Asia. In the Americas sales were down in local currency terms, the company said.

In CE, sales of hard disk camcorders were up, but not enough to offset poor LCD TV sales and the impact of eliminating available models of DVD recorders. Although sales of D-ILA hybrid projection TVs and digital video cameras were up in the Americas, it was not enough to offset a major decline in sales of CRT televisions, JVC said.

JVC is more than 50 percent owned by Matsushita Electric Industrial of Japan, marketers of the Panasonic brand worldwide.

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