Business / Corporate

Pioneer’s net loss more than triples to ¥9.93 billion in first half of fiscal year

JIJI

Pioneer Corp.’s net loss more than tripled in the six months through the end of September, the first half of its fiscal year, due partly to increased costs for car navigation development.

In September, the struggling Japanese car electronics maker said it will receive financial assistance from Hong Kong-based investment firm Baring Private Equity Asia. But the two sides have yet to sign a formal contract on the aid.

Pioneer noted uncertainty about its ability to continue as a going concern in a quarterly financial report for the July-September period. It did the same thing in the previous quarter.

It has been taking time for Pioneer and Baring to craft a blueprint for the company’s future, Koichi Moriya, president and chief executive officer at Pioneer, told a news conference Wednesday.

Moriya did not say when the two sides are expected to sign the formal aid contract.

Pioneer said its consolidated net loss expanded to ¥9.93 billion ($87.4 million) in the six months ended on Sept. 30 from ¥2.65 billion a year before. Sales fell 3 percent to ¥170.93 billion.