Pioneer Targets U.S., Europe Sales Growth Next Fiscal Year
Nov 26, 2003
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Japan-based Pioneer Corp. is targeting double-digit percentage revenue growth and a higher profit margin in the coming fiscal year by boosting overseas sales of its core audiovisual and car electronics products, the company's president said.
The Japanese consumer electronics manufacturer will have to lift revenue by more than 10 percent in the following year in order to achieve its already-announced revenue goal of about U.S. $9 billion (Y1 trillion), Pioneer President Kaneo Ito said.
"With the additional help of cost-cutting efforts, we will aim for a 7-percent ratio of sales to operating profit next fiscal year," he said, compared with an expected ratio of 6.0 percemt this fiscal year.
For the current year, Pioneer expects group operating profit to rise 42 percent to $402 million, (Y44 billion) with a 7.4-percent increase in-group revenue to $9 billion (Y730 billion).
"At this moment, we regard these targets (this fiscal year) as very achievable," Mr. Ito said. "But next fiscal year we will seek to boost sales of these products overseas, particularly in Europe and the U.S.," he added.
Regarding further investment in the PDP TV business, Mr. Ito said the company is studying various options, including building a new fifth production line by itself or forming an alliance with others.
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