Sanyo Electric Co. said Friday its group net profit declined 68.4 percent in the April-September period from a year earlier to 6.40 billion yen amid economic deterioration worldwide.
It also reported a 62.7 percent fall in consolidated pretax profit to 13.38 billion yen for the first half of fiscal 2001.
Group sales during the period came to 1.031 trillion yen, down 2.6 percent, with 573.47 billion yen in domestic sales, up 6 percent, and 457.97 billion yen in overseas sales, down 11.6 percent.
On top of the sluggish sales, the company saw profits squeezed by price declines and appraisal losses on stockholdings, it said.
By segment, sales grew in the audiovisual and information technology segment by 11.1 percent to 413.48 billion yen, helped by brisk demand for mobile phones and digital cameras.
But sales declined by 16.1 percent in the electronic devices segment to 189.12 billion yen due to low demand for semiconductors, electronics parts and liquid crystal display panels.
On an unconsolidated basis for the first half, Sanyo reported a pretax profit of 6.40 billion yen, down 59.8 percent, and a net profit of 4.50 billion yen, down 48.4 percent, on sales of 573.27 billion yen, down 6.1 percent.
For the full year, Sanyo projects sharp year-on-year profit falls.
It projects a consolidated net profit of 13 billion yen, down from 42.20 billion yen the year before, and pretax profit of 22 billion yen, down from 73.48 billion yen, on sales of 2.1 trillion yen, down from 2.157 trillion yen the previous year.