Shizuoka, Japan - Yamaha posted a net loss and lower sales in its fiscal year that ended March 31, but is predicting profits for the new fiscal year.
Yamaha reported a net loss of 29.4 billion yen ($366.5 million) in fiscal 2012 ending March 31, on a 4.6 percent decline in sales to 356.6 billion yen ($4.45 billion).
Full-year sales slipped because of the slow global economy, historically high value of the Japanese yen against other currencies, and musical-instrument production delays caused by parts shortages, the company said.
Despite posting operating profits in business segments that accounted for 89 percent of revenue, the company posted a 2012 net loss of 29.4 billion because of a 2.9 billion yen operating loss in semiconductors and rising income taxes resulting from payments of 32.1 million yen in taxes that had previously been deferred, the company said.
In fiscal 2011, the company posted a net profit of 5.1 billion yen.
Yamaha's AV/IT segment, which includes home audio, commercial karaoke and IT equipment, accounted for 14.9 percent of revenues in fiscal 2012. Musical instruments accounted for 74 percent of revenues, and semiconductors accounted for 4.8 percent.
The musical instruments and AV/IT segments posted operating incomes of 7.7 million yen and 2.87 million yen, respectively, and semiconductors posted an operating loss of only 2.9 million yen.
In North America, full-year consolidated sales fell 8.6 percent to 49.9 billion yen, but around 4 billion of that decline was the result of currency conversion. Sales after the exclusion of currency conversion effects were down only 700 million yen, and the decline was "mainly due" to lower sales if digital musical instruments "and certain other products."
But Yamaha forecasts it will return to profitability in fiscal 2013 predicting a net income of 9 billion yen ($112 million) in fiscal 2013, which runs from April 2012 through March 31, 2013, on a 6 percent gain in net sales. To return to profitability, the company is accelerating sales efforts in China and emerging markets and optimizing manufacturing efficiencies.
The company forecasts a 78.8 percent gain in fiscal 2013 consolidated operating income to 14.5 billion yen compared to a fiscal 2012 decline of 38.4 percent to 8.1 million yen.
Currency conversions were based on $1=80.2 yen.