Tokyo — Pioneer Electronics reported increased sales and turned a profit in its fiscal year, ended March 31.
Consolidated net sales grew 10.2 percent year on year, to 498,051 million yen, while the company reported net income of 531 million yen, reversing the prior year’s net loss of 19,552 million yen. Operating income rose 86.2 percent to 11,169 million yen.
Pioneer reported that although sales of optical-disc-drive-related products declined, the positive effect of the Japanese yen’s depreciation, combined with increased sales of car electronics, and of OEM products in particular, resulted in an overall increase in net sales.
Car electronics sales grew 11.4 percent year on year, to 348,075 million yen. Sales of car audio products increased, with growth in both OEM sales, primarily in China and North America, and in consumer market sales, mainly in Europe, North America, and Central and South America.
OEM sales accounted for 54 percent of total car electronics sales, compared with 51 percent in the previous fiscal year. The segment’s operating income rose 27 percent to 12,431 million yen.
Home electronics sales rose 12.6 percent year on year, to 108,026 million yen. Again, although sales of optical-disc-drive-related products declined, the positive effect of the Japanese yen’s depreciation, combined with increased sales of DJ equipment and cable-TV set-top boxes, resulted in an overall increase.
The segment recorded operating income of 91 million yen, compared with an operating loss of 2,798 million yen in fiscal 2013, from an improved cost of sales ratio resulting from the effects of restructuring and cost reductions, and increased sales, primarily of high-margin DJ equipment, and despite an increase in SG&A expenses due to the negative impact of foreign exchange rate movements.