OSAKA (Kyodo) Sanyo Electric Co. has decided to postpone by one year its goal of achieving ¥90 billion in consolidated operating profit in the face of the global economic slump, a company source said Sunday.

In its current three-year management plan, Sanyo aimed to make a profit of ¥50 billion in fiscal 2008, ¥70 billion in 2009 and ¥90 billion to ¥100 billion in 2010, but the recession has caused the company to revise the plan, the source said.

Sanyo will formally announce the revision Thursday, the source said.

The company, which will become a subsidiary of Panasonic Corp., expects to boost profit by expanding sales of rechargeable batteries and solar cells.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.