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.