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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Sanyo's quarterly profit drops 67 percent By YURI KAGEYAMA,AP Business Writer AP - Thursday, November 6 TOKYO - Sanyo Electric Co., a troubled electronics maker that may get bought out by bigger Japanese rival Panasonic, reported Wednesday its second quarter profit dwindled to about a third of what it was a year earlier. Net profit for the July-September period slumped 67 percent to 4.4 billion yen ($44 million) from 13.4 billion yen as a stronger Japanese currency, rising raw material costs and declining gadget prices hurt earnings. Last year, the sales of shares in Sanyo Electric Credit Co. and other assets had propped up profits, but that was absent this year. Still, the Osaka-based manufacturer stuck to its forecast for the fiscal year ending March 31, 2009, of 35 billion yen ($351 million) profit, up 22 percent from the previous year. Sanyo had been seen as a relative loser in Japan's crowded electronics sector until hopes surfaced recently about a takeover by cash-rich Panasonic Corp. Some analysts say Panasonic has much to gain by getting its hands on Sanyo's prized lithium-ion battery and solar panel businesses _ both green energy endeavors that could prove lucrative. Lithium-ion batteries are a key component in environmental cars, and solar panels are an alternative electricity source for homes. Sanyo on Wednesday reiterated its earlier denial that nothing has been decided following weekend Japanese media reports, including top business daily The Nikkei, which said the companies were in talks about a possible deal. Panasonic has also denied any decision. Ryosuke Katsura, senior analyst at Mizuho Securities Co. in Tokyo, believes a merger could be positive for both companies but only after Sanyo has undergone more restructuring. "It is still too risky for Panasonic to take on Sanyo as it is now," he said in a report released Tuesday. Some of their businesses overlap, and Panasonic's biggest targets are Sanyo's solar cell and battery operations, he said. Sanyo's July-September sales inched down 0.8 percent to 527 billion yen ($5.3 billion) as sales held up in its batteries and solar panel businesses. Sales were also good in flat-panel TVs, washing machines and digital cameras despite tough times, said Sanyo President Seiichiro Sano. "We feel that we are in the intermediate step in the process toward accomplishing the new midterm management plan," he said of the company's recovery strategy. Sanyo has been restructuring its shaky operations in recent years, cutting jobs and selling its mobile phone business. It swung back to profit in the fiscal year ended March after losing money for four years. Sanyo received a bailout from Goldman Sachs of the U.S. and two Japanese financial firms, Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC, in 2006. The fact that such financial companies that need cash hold a combined 70 percent stake may work in Panasonic's favor in cutting a deal. Sanyo has also battled an accounting scandal last year over falsifying earnings reports, which forced a reshuffle of its top management. The Nikkei said a Panasonic-Sanyo deal could accelerate consolidation in the computer chips industry and other areas. A merger among Japanese companies is preferable to losing important technology to overseas interests, it said. "Sanyo is likely to need more restructuring, but hopes are high the buyout will help make Japan's electronics industry grow more globally competitive," the newspaper said in Wednesday's editorial. Sanyo shares, which surged Tuesday on the buyout reports, gained 17.9 percent Wednesday to 230 yen ($2.30). Sanyo announced earnings shortly before trading ended. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Copper ends lower amid renewed economic concernsReuters - Thursday, November 6 Huge buying opportunity in emerging markets-van AgtmaelReuters - Thursday, November 6 Canada calls for Chinese exchange rate flexibilityReuters - Thursday, November 6 Isuzu may buy part of GM's mid-size truck ops-NikkeiReuters - Thursday, November 6 US STOCKS-Futures lower as economic worries weighReuters - Thursday, November 6 Most Popular – Business Viewed Obama wins US election, to become first black president US elects Obama as its first black president Stocks, dollar rise as Obama takes White House Obama's grandmother, family 'rock', dies on election eve World tunes in to see Obama win historic US election View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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