Sanyo (TYO:6764) Rose on Media Report of 50pc Profit Increase
Tokyo, April 13, 2010 AEST (ABN Newswire) - Shares of Sanyo Electric Co Ltd. (TYO:6764) rose today after a media report that the electronics maker's operating profit would likely jump 50 percent this financial year, helped by the distribution network of its parent company Panasonic Corp.(TYO:6752), which acquired a majority stake in Sanyo in December.
Sanyo's operating profit is expected to climb to more than 45 billion yen ($483 million) on a 10 percent rise in sales to 1.7 trillion yen, the Nikkei said.
The company's consumer rechargeable battery business is expected to post a higher profit, helped by improved margins, but its car battery segment may post an operating loss. Sales of industrial products such as air conditioning systems and freezer showcases are likely to increase as Sanyo can now exploit the customer bases of Panasonic and its units, including Panasonic Electric Works Co.
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: email@example.com