Yokohama, Japan – JVCKenwood posted a triple-digit percentage increase in sales in its fiscal year, but the company swung into the red.
Sales rose 103 percent to $3.1 billion, operating income fell 46 percent to $43.3 million, and the company posted a net loss of $64.3 million compared to a year-ago net income of $11.3 million.
In car electronics, sales rose 21 percent to $1.12 billion. The segment swung into an operating loss of 560 million yen ($5.48 million) compared to year-ago operating income of 1.94 billion yen.
Car electronics was the only segment posting an operating loss for the year. The optical and audio segment, professional segment, and entertainment software segments were in the black.
Sales in the optical and audio segment fell 14.3 percent to 74.4 bill