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Unable to bank on revenues from VHS anymore, JVC (aka Victor Company of Japan) has been left smarting from the “severe trading conditions” of 2005.
It’s seen consolidated sales decrease 4 per cent to 806.8 billion yen, and posted an operated loss of 6.8 billion Yen, compared with a profit of 10.3 billion Yen last financial year.
JVC says this was due to “lost opportunities due to delays in product development for LCD TVs during the first half of the year.”
Total sales in its Consumer Electronics operation were 600.3 billion Yen during the fiscal year, down 4.3 per cent.
Where the company has innovated, such as with its Everio HDD camcorders and D-ILA projection technology (pictured above), business has been stable, but this hasn’t made up for lost revenue from up lower sales of CRT TVs, DVD equipment and audio products.
Consolidated net sales in Japan were down 5.1 per cent year-on-year. Sales outside of Japan were down 3.5 per cent year-on-year.
In the United States, business was up 6.8 per cent, but Europe nose-dived 12.1 per cent.
Ordinary income posted a loss of 15.0 billion Yen and net income before tax came in at a loss of 30.6 billion Yen for the fiscal year, compared with a loss of 1.8 billion Yen in the previous fiscal year.
According to President Masahiko Terada, the company won’t be in a position to grow its business till 2009. In the meantime, JVC intends to build on the success it’s had in the Sates with D-ILA projection TVs, making them slimmer and larger, as well as 1080p compatible. The company has also revealed that it will launch a 1080p D-ILA video projector for the consumer market early 2007.

See also:

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Falling LCD prices batter Samsung profits

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