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JVC Revises Fis. 1st-Half Forecast Downward

9/18/2001 05:02:00 PM Eastern

Tokyo - Citing a sharp decline in demand for information technology (IT)-related products, Victor Co. of Japan (JVC) said it now expects a deeper group net loss in its fiscal first half, ending Sept. 30.

The Japanese consumer electronics maker, parent of Wayne, N.J.-based JVC Co. of America, now forecasts a group net loss of $161.2 million on group sales of $3.83 billion.

These figures compare with an estimate of this past April, when JVC said it expected a group net loss of $42 million on group sales of $3.91 billion.

JVC, which is a subsidiary of Japan's CE giant Matsushita Electric Industrial, said sluggish demand for its electronic devices used in such IT-related finished products as mobile phone handsets and personal computers, contributed to the wider loss outlook.

In the fiscal first six months of 2000, JVC reported a group net loss of $47.3 million on group sales of $3.69 billion.

On a parent-only basis, JVC now forecasts a pretax loss of $146 million on sales of $2.13 billion, compared with April projections of a pretax loss of $33.3 million on sales of $2.36 billion.

JVC plans to announce full-year earnings forecasts when it reports its fiscal first-half results late in October.