OSAKA -- Sanyo Electric Co. said Wednesday it has revised its profit outlook downward for the year to March 31, primarily due to smaller-than-expected sales.
Sales were hurt by weak global demand for information technology products and valuation losses on shareholdings.
The major consumer electronic maker said it expects a consolidated net profit of 1.5 billion yen for the year, down from the 13 billion yen profit forecast last October.
The outlook for group pretax profit was revised to 2 billion yen from the earlier projected 22 billion yen.
The downward revision reflects weak demand for IT products, which will result in losses totaling more than 2 billion yen in related divisions such as semiconductors and liquid crystal displays, Sanyo said.
The company will also register a valuation loss of some 23 billion yen for shareholdings and take a charge of 8.4 billion yen for special retirement allowances paid to some 800 workers who applied for an early retirement program.