Pioneer‘s profit rises, helped by strong DVD sales
Pioneer Corp , a major Japanese audio equipment maker, on Monday reported group operating profit rose 17.3 percent in the year to March 31, boosted by strong sales of DVD players and plasma displays. It posted an operating profit of 23.6 billion yen ($216.8 million), on group revenue of 615.9 billion yen, up 4.6 percent from the previous year, despite the yen’s appreciation against the U.S. dollar, which hurt earnings at other Japanese electronics makers.
Group net profit jumped to 13.08 billion yen, up from 1.16 billion yen a year ago, thanks in part to a 12.5 billion yen one-time gain from the sale of stock in Tohoku Pioneer Corp, a unit which went public in March. Growing demand for DVD-related products, plasma displays and car MD/CD players boosted domestic sales by 7 percent, and overseas sales by 22 percent on a local currency basis, the Tokyo-based manufacturer said in a statement. Pioneer relies on overseas sales for about 65 percent of its total revenue. A smooth launch of the world’s first DVD recorder, which Pioneer started selling late last year, boosted overall sales, it said. It sold 25,000 DVD recordable players by March. The results, which were in line with market expectations, were announced after the Tokyo Stock Exchange closed on Monday. Pioneer’s shares ended at 3,300 yen, up 4.1 percent.
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