• Kyodo News


Electronics maker Pioneer Corp. announced Wednesday a group net loss of ¥130.53 billion, its biggest ever, for the 2008 business year that ended in March, remaining in the red for the fifth consecutive year due to a stronger yen and languishing demand for plasma display televisions.

Looking ahead, Pioneer expects to reduce its loss to ¥83 billion in the current business year and recover profitability by fiscal 2010 by implementing aggressive restructuring measures, including 10,000 job cuts and a withdrawal from its money-losing flat-panel display business.

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