Pioneer Corporation said its aftermarket car audio sales rose in North America during its fiscal year ended March 31, 2011.
Operating income for car electronics was the equivalent of $173 million compared to a loss of $90 million for the year earlier.
For Pioneer Corp. in total, the company reported its first annual net profit in 7 years, said the Dow Jones. Profit hit the equivalent of $130 million compared to a loss of $700 million the year earlier.
It appears the company’s recent restructuring paid off, despite the disaster of the recent earthquake which cost the company about $50 million during the recent quarter ended in March, said the Dow Jones.
The earthquake will continue to cut into profits in the new fiscal year, so net profit is expected to be only $50 million this year. However sales of both car and home electronics are expected to rise.
Back to car electronics–the aftermarket represents the bulk of Pioneer’s sales with OEM accounting for 43 percent (down from 44 percent last year).
Navigation sales declined during the recent year, as OEM sales fell in Japan and China but aftermarket car navigation sales “were solid” in Japan, Pioneer said.