SAN JOSE, Calif. Japan’s Sanyo Electric Co. and Toshiba Corp. are going in different directions, based on their financial results.
Propelled by its flash-memory chip business, Toshiba said group net profit was 21.9 billion yen ($186.5 million) for the quarter, up from a year-earlier 1.6 billion yen ($13.6 million) profit. Quarterly sales rose 16 percent to 1.58 trillion yen ($13.5 billion).
For the fiscal year through March, Toshiba expects a profit of 65 billion yen ($553.5 million), up from its earlier projection of 55 billion yen ($468 million). Toshiba also raised its fiscal 2005 sales outlook to 6.3 trillion yen ($53.7 billion) from 6.0 trillion yen ($51 billion).
Meanwhile, troubled Sanyo reported a group net profit of 6.22 billion yen ($53 million) for the quarter, compared to a 17.62 billion net loss ($150 million) during the same period the previous year.
Sales fell 1.5 percent to 611.54 billion yen ($5.2 billion) for the quarter from 620.65 billion yen ($5.3 billion) a year earlier. Sanyo kept its projection for a 233 billion yen ($2 billion) loss for the full year through March.