TOKYO - Japanese electronics maker Pioneer Corp. said Wednesday it returned to profit in the three months to September as robust sales and cost cuts more than offset the negative impact of a strong yen.
But it revised down its sales forecast for the full year to March 2011 due to the yen's rise.
It left profit estimates unchanged.
Pioneer, which has quit the television sector, slashed jobs and received a financial lifeline from Honda Motor, posted a group net profit of 7.06 billion yen (S$110 million) for the September quarter.
The profit reversed a year-before loss of 36.76 billion yen (S$578 million).
Operating profit came to 4.30 billion yen(S$67 million), a turnaround from a loss of 14.00 billion yen (S$220 million) in the same period last year, as sales rose 8.2 percent to 116.83 billion yen (S$1.8 billion).
"Sales were lifted by increased sales of Blu-ray Disc drive-related products and higher sales of car electronics products," Pioneer said in a statement.
The sales growth came despite decreased sales of plasma displays, a sector from which the company withdrew last year, and the negative impact of the strong yen, it said.
However, Pioneer lowered its earlier full-year sales forecast blaming an uncertain currency and demand outlook, it said.
For the year to March 2011, the company now forecasts sales at 460 billion yen (S$7.2 billion), down from 480 billion yen (S$7.5 billion) projected in May.
The company left unchanged its profit forecasts as it took into account cost reduction measures.
It expects net profit to reach 11 billion yen (S$173 million) and operating profit to hit 17 billion yen (S$267 million).