In what is turning out to be a very rough earnings season in Japan, Pioneer Corp. announced yesterday its results for the third quarter and nine-month periods of fiscal year 2013 which ends March 31, 2013. Both Q3 and the 9-month periods showed losses, with the YTD loses increasing substantially to ¥9.8 billion ($105 million) down from a loss of ¥6.6 billion. As a result of this, the company has cut its FY2013 forecast from a profit of a ¥1 billion ($11 million) to a loss of ¥4 billion ($42.8 million)…a surprising ¥5 billion change of fortune.
Due to the company’s deteriorating business, the Board of Directors has ordered a significant restructuring including salary and bonus cuts for executives and employees. The company has also said it will cut jobs.
