JVC revises down sales, profits forecast

Struggling consumer electronics maker JVC won't make any money this year, it said Monday.

Struggling consumer electronics maker, Victor Co. of Japan (JVC), won't make any money this year.

Revising its full-year financial forecast JVC said it expected sales to be YEN 764 billion ($US6.4 billion), down from its previous forecast of YEN 830 billion, and for net profit to be at zero rather than the anticipated YEN 2 billion. In the previous financial year JVC sales were YEN 807 billion and the company recorded a net loss of YEN 31 billion.

JVC blamed the downgrade on sluggish sales of display products such as rear-projection televisions in the US market. Lower sales in its software and media business segment also had a major impact on business, it said.

Matsushita Electric Industrial (Panasonic) owns a 52 per cent stake in JVC and is already understood to be entertaining offers for the majority of that stake.

Panasonic wants to cut its holdings to less than 20 per cent by the middle of this year, according to local press reports, and is in talks with a number of potential buyers including Kenwood and three investment funds: Cerberus Group, Texas Pacific Group and CCMP Capital Asia.

Panasonic hasn't confirmed talks with any of the parties.

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