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Sanyo Posts Higher First-Half Net Sales, Income

11/05/2008 10:47:00 AM Eastern

Tokyo — Sanyo Electric reported today higher consolidated net sales and net income for its first half, ended Sept. 30.

At the same time, Seiichiro Sano, president of Sanyo, confirmed the company is “negotiating a deal with another company regarding its preferred stocks.” (See story here.)

Net sales were $10.1 billion, an increase of 2.5 percent over last year’s fiscal first half. Domestic net sales were $3.6 billion, up 1.2 percent, and overseas net sales were up 3.3 percent to $6.5 billion.

Net income was $328.4 million for the first half, almost double from last year, but operating income was down 11.3 percent to $241.8 due to the higher value of the yen and higher raw-material costs, the company said.

Sano said net sales were up due to “favorable sales for lithium-ion batteries and solar panels as well as flat-screen TVs, washing machines and digital cameras even under such severe busin

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