Pioneer reports net loss of USD45.4 million in FY 2016/17

Expects financial performance to remain under press in first half, but improve in the second half

Pioneer has reported net loss of JPY5 billion (USD45.4 million as on 31 March 2017) for the financial year ended 31 March 2017, compared to net income of JPY731 million (USD6.5 million as on 31 March 2016) a year earlier, the Japanese supplier said in a press release on 12 May. The company recorded net loss as net sales decline 14% year-over-year (y/y) to JPY386.7 billion, mainly due to a decrease in sales of car electronics and unfavorable currency translations. Apart from a decline in net sales, an extraordinary loss of JPY3 billion related to restructuring costs in overseas markets caused Pioneer to incur net loss in FY 2016/17. Lower sales also impacted the company’s operating income, which dropped 42.9% y/y to JPY4.16 billion.