Sanyo Electric Co. said Friday it has lowered its profit outlook for the year to March 31 and now expects a group net profit of 3 billion yen, down sharply from the previous forecast of 25.5 billion yen it announced in October.
The major electronics firm also expects to book a group pretax profit of 35 billion yen, compared with its earlier estimate of 59 billion yen. However, its full-year sales projection has been raised to 2.5 trillion yen from 2.45 trillion yen.
Sanyo blamed the downward revision on a 15 billion yen valuation loss on its investments resulting from overhauls of some of its business operations, as well as poor sales of key household electrical appliances.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.