Sanyo on the road to recovery

Despite net losses of €275 million recorded in its annual results, electronics firm Sanyo has said it is showing signs that it may be on in for a financial recovery, reported ElectricNews.

The results for the year ending March 31st 2007 identified sales €13.5 billion, down 7.6 percent from the previous year. However its operating profit rose to €302 million from an operating loss of €105 million a year before.

The firm also forecasted a return to profitability in the current financial year, with sales of €13.6 billion predicted for the year ending March 31st 2008, with a net profit of €122 million.

As news of the results broke, shares in Sanyo jumped 3.2 percent to €1.18.