Pioneer Net Loss More Than Triples in 1st Half

Economy

Tokyo, Nov. 8 (Jiji Press)--Pioneer Corp.'s <6773> net loss more than tripled in its fiscal first half ended in September 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 as it did in the previous quarter.

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

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

[Copyright The Jiji Press, Ltd.]

Jiji Press