SANYO Electric Co., Ltd. (SANYO) has reported net sales of JPY427.5 billion for the third quarter of fiscal 2009, down 22.4%, compared with the net sales of JPY550.8 billion in the year-ago quarter. It has also reported a net loss of JPY14.3 billion, or JPY2.33 loss per share, for the third quarter of fiscal 2009, compared with the net income of JPY12.8 billion, or JPY2.08 per share, in the year-ago quarter.

The nine month period from April 1, 2008 to December 31, 2008 ended with the consolidated net sales total from the beginning of the fiscal year declining in the third quarter by approximately 6.4% to leave a total of JPY1,434.2 billion, compared to the same nine month period last year. For the third quarter only, there was a decrease of 22.4% over the same quarter last year, finishing with a total of JPY427.5 billion.

For the Japanese market, while sales of commercial refrigeration systems used for transferring goods in the cold chain were favorable, sales of large-scale air conditioners were bearish, ending the nine months with an overall decrease of 5.0%, totaling 528.8 billion compared to the same period last year.

As for overseas markets, favorable conditions existed for increased sales for solar panels, especially in Europe, commercial showcases in Asia, and reasonable growth for large-scale air conditioners. However, due to the increasingly difficult market circumstances, especially for products such as digital cameras, semiconductors, etc., the sales totals were around 7.3% lower than the same period last year, to JPY905.4 billion.

As for income, because of high raw materials costs and the increasingly stronger yen, operating income for the same period last year has decreased JPY25.1 billion to end at JPY30.8 billion.

Income before tax, compared to the same period last year that included the sale of SANYO’s share in SANYO Electric Credit Co., Ltd., was JPY47.5 billion lower, finishing the nine month total with a loss of JPY2.5 billion. The net income for the end of the nine month period decreased JPY10.4 billion overall over the same period last year, bringing the total net income for the nine months of fiscal 2008 to JPY18.3 billion.

Koichi Maeda, executive vice president of SANYO, commented, Though business environment deteriorated dramatically, we were able to maintain a positive operating income at the three-month period ended December 2008. We will continue to reduce expenses and accelerate structural transformation so that we can achieve the revised annual target, announced on January 15, 2009 and ensure that the entire workforce moves forward as a leading company for energy and environment.