 |
November 29, 2007 |
|
|
|
 |
SANYO ELECTRIC: Posts Net Income of JPY16.0BB for H1 of FY2007 Sanyo Electric Co., Ltd., announces its consolidated results for the first half of fiscal year 2007 ending in September 30, 2007. The first half of fiscal year 2007 ended with consolidated net sales of JPY1,091.4 billion, a decrease 0.4% from the same period of last year. Domestic sales decreased by 16.2%, ending at JPY403.5 billion, over the same period last year, due in part because of the decline in mobile phones and commercial equipment such as industrial kitchen appliances and medical equipments in addition to the weak sales of white goods. Overseas sales increased by 12%, totaling JPY688.0 billion, over the same period last year, thanks to digital cameras and projectors, commercial-use air conditioning and showcase systems, and a favorable lithium-ion and solar battery markets. Operating profit was up 50.3%, to JPY23.8 billion, over the same period last year, through cost reductions and stronger sales in the digital camera and components businesses, despite increases in raw materials' cost. Profit before tax surged 243% to JPY24.1 billion, compared to the same period last year, from a reduction in debt bearing interest and gains on the sale of SANYO's share in SANYO Electric Credit. The net profit for the first half was JPY16.0 billion, a large improvement from a negative balance at the same time last year. Seiichiro Sano, President of SANYO, commented, "The first half ended with higher-than-expected sales, operating profit, profit before tax, and net profit. Also, there is elevated awareness globally of the environment, which will allow us greater opportunities to expand business in our aim to become a leading provider of Environment- and Energy-related products." He also added, "A new three-year 'Mid-term Management Plan' is being created, which will help make SANYO a new global company with sustainable growth." SANYO has been aiming to revitalize and reform itself through structural transformations carried out from the Mid-term Management Plan in effect from fiscal year 2005 through fiscal year 2007. Emphasized investment of management resources on core businesses will be implemented and further structural transformations carried out by the end of this fiscal year (FY2007). Forecast for the fiscal year ending March 31, 2008 has adjusted its net sales and operating profit from the original forecast announced on May 28, 2007 to JPY2.23 trillion and JPY50 billion respectively. About Sanyo Electric Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/ -- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s BB+ long-term foreign and local currency issuer default and senior unsecured ratings on rating watch negative. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
