Tokyo, Nov 12: Japan's Sanyo Electric today said profit fell heavily in the six months to September as the economic slump dragged down high street spending.Sanyo, a major consumer electronics maker, said group pre-tax profit dived 28.6 per cent in the half to 15.5 billion yen ($114 million). Sales fell 1.5 per cent to 939.8 billion yen.
"Worries about the Japanese financial system and concerns about employment lead to a decline in personal consumption and corporate capital expenditure, in turn taking a toll on the Japanese economy as a whole," the firm said.
Net profit fell 42.1 per cent in the half to 5.7 billion yen.
Although digital cameras and portable phones sold well in the half, total sales in Japan fell 4.3 per cent, Sanyo said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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