Pioneer reported a wider loss for its recent quarter citing higher costs of doing business as well as lower prices for car audio decks. In addition it lost $27 million due to currency changes due to the rising value of the dollar against the yen.
Net loss for its third quarter was $19.3 million (2.3 billion yen), compared with a net loss of $14.7 million a year ago.
In car electronics, sales rose by 7 percent to $775,000 but there was a shift to lower priced models and a decline in sales of car navigation systems. OEM sales rose in North America.
The total spit between OEM and consumer sales in car audio is now 56 percent OEM, compared with 54 percent a year ago.
Total operating income for Pioneer fell by almost 40 percent to $14 million (1.66 billion yen), down from $23 million last year although total net sales rose by 8 percent to $1.14 billion, helped by gains in both car and home electronics.
Pioneer is holding to its forecast for the full year ending in March of $4.3 billion in net sales but its forecast for net income dropped to $155 million for the year.