TOKYO, Oct 31 (AFP): Japan's Pioneer said Monday it plunged deep into loss in the six months to September as it battles disappointing sales of DVD recorders and other consumer electronics products.
Pioneer posted a net loss of 12.26 billion yen (105.7 million dollars) for the first half of its financial year, compared with a profit of 4.81 billion yen a year earlier.
The group, a maker of DVD hardware, plasma display panels and car navigation systems, reported an interim operating loss of 16.39 billion yen against a profit of 13.40 billion.
Revenue rose by 1.4 per cent to 349.90 billion yen, mainly reflecting increased sales of plasma displays which compensated for decreased sales of DVD products, the firm said.
In the second quarter alone Pioneer ran up a net loss of 6.92 billion yen, compared with a profit of 3.31 billion a year earlier.