November 9, 2011
TOKYO (AFP) - Japanese electronics maker Pioneer Corp. said Wednesday it would withhold its full-year forecast due to the impact of severe flooding at its plants in Thailand.
The firm retracted its earlier forecast for the full year to March 2012 as it has suspended production in Thailand since October 8 as its two factories that make car audio and navigation systems had been inundated with water.
"Although we are currently assessing the impact of the flooding, it is difficult to reasonably estimate such impact on our consolidated business forecasts at this time," Pioneer said.
The firm plans to announce its business forecast on November 29.
For the six months to September, Pioneer's operating profit rose 5.0 percent from a year earlier to 7.0 billion yen ($90 million) on interim sales at 213.7 billion yen, which were down 5.7 percent, it said.
Its net profit in April-September came to 1.5 billion yen, down 80.3 percent from the same period last year when it booked an extraordinary gain of sales of its property.
