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Sanyo posts $17M loss, cites battery recall as reason

Posted: 13 Apr 2007     Print Version  Bookmark and Share

Keywords:battery recall  Li-ion mobile phone batteries  business spin-off 

Sanyo Electric Co. Ltd disclosed it is set to book a loss of Rs.75 crore ($17 million) in its earnings for the fiscal year ended March 31, to cover part of the cost to recall Li-ion mobile phone batteries, according to a Reuters report.

Japanese mobile phone operator NTT DoCoMo said in December that it will recall 1.3 million cell phone batteries by Sanyo subsidiary, Sanyo GS Softenergy Co., due to overheating and rupture.

Following two straight annual loses, Sanyo forecast in January a net loss of Rs.1,852.16 crore ($419.8 million) on sales of Rs.79,416 crore ($18.4 billion) but said it had no plan to revise its earnings estimates for the recently-concluded fiscal year, the report said.

Earlier this month, Sanyo appointed a new president, a move expected to speed up spin-off plans of its digital camera and mobile phone business units. Sanyo is also reportedly planning to invite bids for its chip business.

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