Sanyo Electric Co. said Friday it has lowered its profit outlook for the year to March 31 and now expects a group net profit of 3 billion yen, down sharply from the previous forecast of 25.5 billion yen it announced in October.
The major electronics firm also expects to book a group pretax profit of 35 billion yen, compared with its earlier estimate of 59 billion yen. However, its full-year sales projection has been raised to 2.5 trillion yen from 2.45 trillion yen.
Sanyo blamed the downward revision on a 15 billion yen valuation loss on its investments resulting from overhauls of some of its business operations, as well as poor sales of key household electrical appliances.