Pioneer Under Pressure As Plasma Profits Slump

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Despite selling out of plasma stock in Australia, Pioneer has reported a 14.3 percent drop in plasma TV sales and losses of $50 million for the last quarter.

Pioneer Electronics reported lower sales and a double-digit drop in operating income due to lower profitability in home electronics and weaker exchange rates during its fiscal first quarter, which ended June 30.

Consolidated operating revenue was $1.48 billion, down 4.7 percent from the previous year’s first quarter, with drops in plasma displays being blamed along with a weaker yen vs. the U.S. dollar and the Euro. Operating revenue was down 81.3 percent to $10.8 million from the previous year due to lower profitability and sales in home electronics.

Net income was $100.3 million, about 2.2 times the same quarter last year, but that was due to the sale of land and buildings at its Tokorozawa and Omori plants for $96.8 million.

Home electronics sales were down 14.3 percent to $564.5 million due to the drop in plasma TV sales due to “fierce competition”. Plasma sales accounted for about 34 percent of home electronics sales. Operating loss was $42.2 million, about 12 times greater a loss this year than the same time last year, again mainly due to profits lost in plasma displays.

In car electronics, sales were up 6.2 percent to $788.8 million due to higher sales of both car navigation systems and car audio products.

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