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Sanyo reports huge loss

Posted: 23 May 2006 ?? ?Print Version ?Bookmark and Share

Keywords:Yoshiko Hara? Sanyo Electric? loss?

Sanyo Electric reported a record net loss of about $1.8 billion for its fiscal 2005 ending in March.

According to the press release, Sales totaled $3.6 billion, a 3 percent decline from the year before and operating profit plummeted $152 million from a positive $31 million the year before.

The company attributed the record loss to restructuring. It had planned to cut 14,000 jobs, including 6,500 in Japan, over three years, but the cuts were completed in one year.

Sanyo said last November it had decided to concentrate on three core businesses: rechargeable batteries, commercial systems and mobile devices. It also planned to sell non-core businesses like semiconductors. The company dissolved its OLED alliance with Kodak, established an LCD joint venture with Epson, agreed with Quanta to form a joint venture company for flat TVs and sold part of Sanyo Credit to Goldman Sachs.

For 2006, Sanyo is forecasting sales at $21.5 billion and rebounding operating and net profits $581 million and $179 million, respectively.

- Yoshiko Hara
EE Times

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