Friday, January 16, 2009
Sanyo Electric will cut its annual net profit outlook as losses climb in its chip business, and it said it would eliminate 1,200 jobs.
Sanyo, the world's top producer of rechargeable batteries, said on Thursday that declining sales, a soaring yen and restructuring and impairment costs in its chip operations will cancel out profits.
The world's No.7 maker of solar panels now expects zero net profit for the year to March, against a November forecast for a profit of 35 billion yen ($393.5 million) and a consensus estimate of a profit of 29 billion yen by seven analysts.
Panasonic, which will buy Sanyo this year for up to $9 billion, has pledged to exit unprofitable businesses and pool its resources to take flat TV market share from rivals Samsung Electronics Co, Sony Corp and LG Electronics.
Sanyo, whose major stakeholders include Goldman Sachs, Sumitomo Mitsui Banking and Daiwa Securities SMBC, is under increasing pressure from Panasonic to clean up its losses prior to the acquisition, even as consumers stop buying electronics and the global economy contracts.
By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved
|
