Total sales from Panasonic’s new subsidiary, Sanyo were down 19% to 669.3 billion yen, compared with 829.7 billion yen in the same period a year ago. Though the company did not provide disclosure of Sanyo solar PV business separately, Panasonic did say that sales were stable in the quarter. Sanyo had previously not disclosed PV sales separately.
Within Sanyo’s Energy business segment, sales were 210.2 billion yen, a 4% decline over the same period a year ago, due in part to currency fluctuations and price declines. Operating profit was 4.9 billion yen, down from 11.5 billion yen in the same period a year ago.
The sales decline for the Sanyo segment was said to be due to sluggish markets in other electronics-based sectors. Also attributed to Sanyo was 26.9 billion yen of segment loss, compared with a segment profit of 6.1 billion yen a year ago.
Panasonic said the losses were also influenced by the amortization of intangible assets recorded at the acquisition.