JVCKenwood reported a sales increase for its full fiscal year that ended March 31. Its overall sales rose a slim 2.4 percent but sales in its Automotive Sector rose over 8 percent to $1.36 billion (150,864 million yen) up from $1.26 billion a year ago.
The company, however, swung to a loss in profits, mostly due to a shift in accounting. JVCKenwood said it decided to record the loss in the value over time of its land and buildings as well as tools and furniture. This resulted in a loss of 6,314 million yen. The company reported a total loss for the year of 6,727 million yen or the equivalent of $60 million. This compares to profits of $30.5 million last year.
Operating income for JVCKenwood’s Automotive Sector rose to $20 million for the year compared to $3.6 million compared to last year.
Total sales for the company, including its public service sector and media sector was $2.69 billion compared to $2.63 billion last year. Operating income also rose by 28 percent to $52 million up from $40 million a year ago.