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Sanyo Electric's 3rd Quarter Sinks
McClatchy-Tribune Business News

Jan. 30--TOKYO -- Sanyo Electric Co. said Tuesday its group net balance in the three months to Dec. 31 sank into the red as it booked an 11.9 billion yen one-off expense to pay special retirement allowances under its workforce downsizing program.

In a consolidated earnings report for the third quarter of the 2006 business year ending March 31 this year, Sanyo said its net loss came to 7.30 billion yen against the previous year's profit of 6.22 billion yen.

Pretax loss in the business segments the company kept under its restructuring plan came to 3.64 billion yen against the previous year's profit of 8.52 billion yen, according to the results computed under U.S. accounting standards.

Sales fell 3.1 percent to 588.86 billion yen.

But operating profit jumped 30.7 percent to 15.07 billion yen because it cut back on expenses on various fronts.

For all of fiscal 2006, Sanyo expects to post net and pretax losses of 50 billion yen and 25 billion yen, respectively, against the previous year's losses of 205.66 billion yen and 165.70 billion yen.

Sales for the 12-month period are projected at 2.2 trillion yen against 2.4 trillion yen.

Sales in the company's consumer electric appliance division, the biggest component sector in its overall sales, fell 9.2 percent to 275.6 billion yen as sales of digital cameras it has supplied for sale under other firms' brands fell sharply amid intense price-cutting competition for compact digital cameras, despite good sales of cellphones and advanced washers.

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