Sanyo back in black
TOKYO » Sanyo Electric Co., which has been struggling to turn around its scandal-plagued business, swung to profit in the fiscal year through March for the first time in four years, the Japanese electronics maker said yesterday.
Sanyo recorded 28.7 billion yen ($278.6 million) in profit for the year ended March 31, a reversal from the 45.36 billion yen loss racked up the previous year and a sign that recent restructuring efforts are paying off.
Demand was strong for digital cameras, rechargeable batteries, solar energy panels and air conditioners, said the Osaka-based manufacturer. Sanyo's solar-panel operation has signed an agreement to become a major customer for polysilicon to be produced by Hawaii-based Hoku Scientific Inc.'s planned Idaho factory.
Sanyo's sales for the fiscal year through March rose 7.2 percent from the previous year to 2.018 trillion yen ($19.6 billion), the company said.
Sanyo said yesterday that it expects 35 billion yen ($339.8 million) in profit and 2.020 trillion yen ($19.6 billion) in sales for the fiscal year through March 2009.