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Sanyo Fis. Six Month Revenue Rises 1.3%

11/20/2002 10:37:00 AM Eastern

Tokyo - Although Sanyo Electric consolidated revenue edged upward 1.3 percent in the company's fiscal first half, reaching $8.5 billion, from $8.4 billion in the first six months of 2001, net income dropped 61.5 percent in the same period, to $20.1 million, compared with $52.4 million in the year-ago period.

Helped by cost-cutting, consolidated operating income in the six months, ended Sept. 30, increased 3.6 percent, to $274 million, up from $265.6 million in the first half of fiscal 2001.

The Japanese consumer electronics maker enjoyed a slight increase in growth at its audio-visual, information and communication division - the company's largest - with a 0.2 percent year-over-year rise in revenue, to $3.4 billion. The segment reported increased sales of LCD projectors and optical pickup devices, while digital cameras saw a slight decrease in growth.

Sanyo's battery business, due to a rebound in mobile phones and personal computers, posted a sales increase of 1 percent for the six months, hitting $1.1 billion.

Overseas sales increased 12.6 percent in the first half, compared with the same period last year, to $4.2 billion, Sanyo reported.

Sanyo expects the economy to remain slow in the second half of the current fiscal year, forcing it to slash its full-year financial forecast.

The company now expects consolidated net income of $65.5 million for the 12 months, on sales of $17.1 billion. Initially, Sanyo had expected net income of $204.8 million for the year ending March 31, 2003. The 12 months revenue forecast is unchanged.

Anticipated operating income for the 12 months is $573.3 million, down from an earlier forecast of $655.2 million.

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