Tokyo - Pioneer reported a double-digit drop in net sales and a net loss of $408.4 million in its fiscal second quarter, which ended Sept. 30.
Net sales were $1.2 billion, down 35 percent year on year, and net loss was slightly higher than the prior year's fiscal second quarter.
Pioneer blamed a decline in sales of car electronics products, which largely reflected weak economic conditions and the impact of the yen's appreciation, as well as lower sales in the plasma display business, which it said it would withdraw from at the end of its fiscal year.
In car electronics, sales dropped 29.5 percent year on year to $670.3 million. The operating loss was $59 million. In home electronics, sales were down 45.7 percent year on year to $377.5 million, largely due to its decision to drop out of the plasma TV business. Operating loss for the quarter for this segment was $90.6 million.
Pioneer plans to close three additional companies and downsize the operations of five more by the end of its fiscal year, March 31, 2010.