Sansui Electric Co. said Wednesday it posted a consolidated net profit of 3.26 billion yen in the business year to Dec. 31, marking a turnaround from a 1.33 billion yen loss the previous year.
The struggling audio equipment maker attributed the turnaround to financial support from Grande N.A.K.S. Inc., an investment fund that holds a 68.67 percent equity stake in Sansui through its wholly owned subsidiary Hi-Tech Precision Products Ltd. of the British Virgin Islands.
The support enabled Sansui to pull out of a negative net worth and book a profit of 2.23 billion yen in its net account as a result of loan forgiveness. The company also chalked up a return of 2.11 billion yen from reserves to cover losses from the liquidation of affiliated companies.
Sansui's business performance remained weak in the year, resulting in a consolidated operating loss of 346 million yen, down from 652 million yen a year earlier.
The company also reported a consolidated pretax loss of 995 million yen, almost unchanged from 982 billion yen the previous year, on an 85.1 percent plunge in group sales to 197 million yen.
Sansui did not release a group earnings forecast for the current year.