TOKYO -(Dow Jones)- Pioneer Corp. (6773.TO) said Thursday its net loss widened in the fiscal second quarter ended September as it continues to soak up restructuring costs associated with its efforts to convert itself into a high- margin auto electronics specialist.
Pioneer, which unveiled plans to pull out of television manufacturing to concentrate on car electronics earlier this year, said in a statement its net loss for the quarter was Y36.8 billion, compared with Y34.6 billion in the same period a year earlier.
Pioneer said revenue for the quarter slid 35% to Y108.0 billion from Y166.1 billion a year ago, tracking a broad decline in sales of auto electronic goods amid weakness in many key economies.
But Pioneer said it still expects to be able to cut its losses to Y59.5 billion in the fiscal year through March 2010 from the Y130.5 billion net loss it made in the previous year, helped by a gradual economic recovery in the second half of the year.
Meanwhile Pioneer said that as part of its restructuring, the company's head office will move from Meguro in Tokyo to Kawasaki.
-By Kenneth Maxwell, Dow Jones Newswires; 813-6895 7564; kenneth.maxwell@ dowjones.com
(END) Dow Jones Newswires 11-05-09 0207ET Copyright (c) 2009 Dow Jones & Company, Inc.
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