Despite higher consumer sales of its car audio products in North America, Pioneer Corporation’s net income continued to fall in the recent quarter ended June 30.
Car electronics sales increased 5.4 percent over last year to $70 million (86,888 million yen), but overall sales for the company fell 3.8 percent to $878 million for the quarter, as Pioneer spun off its home AV business in March and its DJ equipment business around September last year.
The company saw a net income loss of $20 million, compared to a net loss a year ago of $17 million (2,089 million yen).
In car electronics, sales in Europe and Central and South America declined, even while sales in North America gained. Sales of consumer car navigation also declined, mainly due to lower sales in Japan. But OEM car navigation sales rose, due to increases in Southeast Asia and China.
OEM sales now account for 62 percent of Pioneer’s car electronics sales, compared to 56 percent a year ago.
Looking ahead to the full fiscal year ending in March 2016, Pioneer anticipates sales of $3.9 billion down 3 percent from $4 billion (501,676 million yen) the year prior. It expects profits of $8 million compared to profits of $118 million a year earlier.