Sanyo Shares Drop on Loss Forcast
Shares of Sanyo Electric Co., forecasting its first profit in three years, are headed for their biggest drop since January after a report said the company may post a loss this business year. A report in the Asahi newspaper yesterday said Sanyo will cut 1,000 jobs after sales of mobile phones declined and domestic production dropped.
Sanyo shares traded down 11 percent, or 23 yen, at 182 as of 9:46 a.m. on the Tokyo Stock Exchange. The company’s shares have fallen 43 percent this year compared with a 5.6 percent decline in the benchmark Topix index. The company in May forecast net income of 20 billion yen for the current year. Continue >>