Bang & Olufsen Sinks as Car-Stereo Retreat Weighs on Profit

Bang & Olufsen A/S dropped the most in more than a year after the Danish maker of high-end televisions and Hi-Fi components reported a wider loss as it incurred costs tied to a retreat from car-stereo systems.

The stock plunged as much as 16 percent in Copenhagen, the most since April of last year. Bang & Olufsen said on Thursday it lost 410 million kroner ($61 million) before interest and taxes at its continuing business in the fiscal fourth quarter, compared with a loss of 16 million kroner a year earlier. The company said it won’t be paying a dividend for the year.