Japan's Sanyo swings back to profit

Scandal-plagued Sanyo swung back to a profit for the six months through September as strong digital camera and rechargeable battery sales offset a decline in mobile phones and home appliances, an Associated Press report said.

The Associated Press report said Sanyo Electric posted 15.98 billion yen ($149 million) in net profit during the six months ended September 30. It had posted a 3.62 billion yen loss in the same period a year ago.

Sales dipped 0.4 % to 1.091 trillion ($10.17 billion) from 1.095 trillion yen, the report said.

Along with earnings, Sanyo also announced a new three-year business plan outlining steps aimed at transforming and revitalizing the company, the report added.

The plan calls for massive outlays on Sanyo's battery business and cutbacks in interest-bearing debt. Sanyo's goal is for all of its businesses to be operating in the black by the plan's completion in 2010, the company said.

The Associated Press report further said Osaka-based Sanyo kept unchanged its forecasts for a return to profit for the full fiscal year ending March 2008 at 20 billion yen ($186 million) profit on 2.23 trillion yen ($20.78 billion) sales.

Sanyo did not provide quarterly results.

 

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