JVCKenwood and Alps Alpine reported lower sales and profits for their fiscal first half ended September 30.
Alps Alpine said that its current sales are “strong” in both Automotive Infotainment and Electronics Component segments, but the “timing of recovery for the global economy is uncertain and dependent on the effects of secondary waves of COVID-19 in Europe and the U.S.”
JVCKenwood said while aftermarket revenue increased in Q2, it fell in all for the first half due to the high impact to aftermarket sales in Q1. Sales in the US and Europe “recovered” in Q2, it said. OEM revenue decreased overall for the first half due to the hit from COVID in Q1.
JVCKenwood sales fell to the equivalent of $1.1 billion (117.7 billion yen) for the first half of its fiscal year, compared to sales of $1.4 billion for the same period a year ago. It swung to a loss of $41 million in profits, compared to a gain of $11.4 million in profits a year ago. Operating profit also swung to a loss of $32 million compared to a gain of $30 million in profits a year ago.
In the Automotive Sector, specifically, sales fell to $579 million compared to $749 million a year ago and core operating income swung to a loss of $17 million compared to a profit gain of $15 million a year ago.
Alps Alpine saw sales $3 billion for its first half, compared to $4 billion a year ago, with profits swinging to a loss of $86 million compared to gains of $57 million a year ago. In Automotive Infotainment, sales fell to $1.1 billion, down almost 30 percent from a year ago and the segment posted an operating loss of $37 million compared to an operating income of $54 million a year ago.