JVC Kenwood reported its first annual profit since the company formed in October 2008 by merging JVC and Kenwood.
JVC Kenwood posted a net income of about $6 billion yen, or about $72 million for the fiscal year ended March 31.
Sales however were lower by about 10 percent falling to 320,868 million yen. OEM car audio sales were up for the company as were car audio sales in Japan. But overall, car electronics sales worldwide dropped slightly.
Car electronics represented 33.4 percent of JVC Kenwood sales compared to 30.8 percent a year earlier. Net sales for car electronics for the recent fiscal year were 107,281 yen, compared to 108,449 yen a year ago.
For the coming year, JVC Kenwood said car electronics is a key area of focus. Both sales and profits are expected to increase this year due to an expected increase in car electronics and land mobile radio sales. Net sales are projected to reach 340 billion yen.
Source: JVC Kenwood, The Stratecon Group
