Tokyo, July 29, 2008 (Jiji Press) - Kenwood Corp. <6765> reported Tuesday a group operating profit of 953 million yen in April-June, down 19.7 pct from a year before, on sales of 39,480 million yen, down 7.4 pct, due to a stronger yen against the dollar and the euro.
For the first quarter of fiscal 2008, the audio equipment and car electronics maker incurred a net loss of 519 million yen, against a year-before profit of 556 million yen, due to a special loss following a change in the inventory evaluation method.
The company posted a recurring profit of 448 million yen, down 28.6 pct.
Without the influence of exchange rate fluctuations, sales would have been up 1.0 pct, and operating profit up 69 pct, the company said.
Kenwood left its full-year earnings forecast unchanged.
By segment, the mainstay car electronics division logged an operating profit of 136 million yen, bouncing back from a loss of 273 million yen a year before, on sales of 23,256 million yen, down 2.7 pct.
Sales of all-in-one car navigation systems with audio and video functions were strong, mainly in overseas markets. But slumping auto sales and weakness of products designed specifically for each automaker pushed down the division's sales, the company said.
In the communications business, sales dropped 15.9 pct to 13,789 million yen, and operating profit declined 44.8 pct to 1,038 million yen, as consumers were reluctant to buy mobile phones before the release of new models, the company said.
In Kenwood's home electronics operations, sales rose 5.7 pct to 1,851 million yen. Operating loss came to 218 million yen, recovering from a year-before loss of 432 million yen thanks to robust sales of high value-added products.
Copyright © 2013 JCN. All rights reserved. A division of Japan Corporate News Network KK.
 Company Profile |  Print |  Alerts
|
 |
|
JVC Kenwood to Merge Three Subsidiaries
(Oct 17, 2011)
|
|
|
JVC KENWOOD HD: Notice Regarding Performance and Dividend Forecasts for the Year Ending March 31, 2009
(Oct 1, 2008)
|
|
|
Notice of the Establishment of JVC KENWOOD Holdings, Inc.
(Oct 1, 2008)
|
|
|
JVC Kenwood to Boost Earning Capacity for Survival
(Sept 29, 2008)
|
|
|
Kenwood Logs Drop in Profits, Sales in April-June
(July 29, 2008)
|
|
|
Shareholders Approve Kenwood-JVC Integration
(June 27, 2008)
|
|
|
JVC, Kenwood Agree to Integrate Operations on Oct. 1
(May 12, 2008)
|
|
|
Kenwood to Directly Sell Car Electronics in Brazil
(May 1, 2008)
|
|
|
Kenwood Cuts FY '07 Earnings Estimates on Yen Rise
(Apr 15, 2008)
|
|
|
JVC and Kenwood Announce Establishment of Joint Venture for Technological Development, Start of Cooperative Operation Based on Business Alliance
(Oct 1, 2007)
|
|
|
