JVC Reports Profit Slowdown for Fiscal 2005

Wednesday, April 27, 2005

JVC Reports Profit Slowdown for Fiscal 2005

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Victor Company of Japan, Ltd. (JVC) announced today its financial results for the fiscal 2005.

Consolidated total sales decreased 9% to 840.5 billion yen, and operating income decreased 59% to 10.3 billion yen from the year before due to postponement of new product developments,slow sales in overseas, underperformance of music software business, and the steep decline in prices of digital appliances.

Strong sales of domestic consumer electronics and cuts in purchasing costs and lowerfixed costs were not enough to compensate for these negative factors. Net income was likewise down to - 1.8 billion yen.