Sanyo swings to profitability |
| CNNMoney.com - May 28, 2007 |
Sanyo Electric Co. Ltd. posted a swing to an annual operating profit after cost cuts more than offset slow digital camera sales, but forecast an unexpected earnings decline this year due to higher raw material prices.
Sanyo, the world's largest rechargeable battery maker which competes with smaller rivals including Sony Corp., enjoyed strong solar cell demand, but its digital camera operations were hit by fierce competition with established brands such as Canon Inc. as well as emerging Asian suppliers.
The Osaka-based company forecast Monday a 9.2 percent fall in operating profit to ¥45 billion ($370 million) for the year to March 2008 due to rising prices for raw materials it uses in rechargeable batteries, such as nickel and cobalt.
Read Full Article from CNNMoney.com
- Posted: 2007-05-28 10:07:58
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