Sanyo Electric Co. said Wednesday it had revised downward its earnings forecasts for fiscal 2004 and will not pay dividends at the end of the year.
Sanyo now expects to incur a consolidated net loss of 121 billion yen against an earlier-projected loss of 71 billion yen and the previous year's profit of 13.4 billion yen.
It attributed the downward revision to a lower-than-expected demand for digital products and a powerful earthquake that hit Niigata Prefecture in October. The quake seriously damaged a major semiconductor plant.
Group sales are now projected at 2.495 trillion yen against an earlier forecast at 2.529 trillion yen and the previous year's 2.508 trillion yen.
Sanyo canceled a planned dividend of 3 yen per share for the end of the year, after paying the same amount for the first half of the year. The total dividend for fiscal 2004 thus falls to 3 yen from the previous year's 6 yen.