Pioneer Electronic Corp. forecasts a net income loss of 2,800 million yen for the first half of fiscal 1999, which ended September 30, 1998. Pioneer had forecast a net income of 1,800 million but revised that figure due to a 4,600 million yen loss on its marketable securities, which were required to be valued at market prices at the close of the fiscal year.
For the first six months of its fiscal year, which ended September 30, 1998, Matsushita Electrical Industrial Co. estimated that consolidated income before income taxes would total 55 billion yen, down 66 percent from the same period a year earlier. (Matsushita had originally forecast a decline of 38 percent.) Consolidated net income for the first half was expected to be approximately 6 billion yen, a decrease of 90 percent.
Matsushita had reported a consolidated loss on valuation of investment securities that totaled 46 billion yen and stated that the loss will be accounted for as a non-operating loss on the company's consolidated income statement.