Sansui Electric Co. said Wednesday it posted a group net loss of 1.33 billion yen in the year to December, compared with the previous year's loss of 1.86 billion yen.
The audio equipment specialist said it would not seek court protection from creditors under the civil rehabilitation law for the time being.
Consolidated pretax loss came to 982 million yen, against the previous year's loss of 2.09 billion yen, Sansui said.
Group revenue totaled 1.32 billion yen, down 71.8 percent from the previous year.
As of the end of December, the company had a consolidated equity capital deficit of 8.18 billion yen.
For the present year, Sansui expects to post 500 million yen each in consolidated pretax and net losses.
Sansui posted its second straight equity capital deficit, the amount increasing by about 1.3 billion yen from a year before.
The decline in overall sales in the latest reporting year reflects a cutback on production of unprofitable products, including low-priced audio equipment, company officials said.
The company's business results were also worsened by the booking of reserves for losses stemming from a planned factory sale, they said.