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Sanyo's losses revised higher

In Brief | EARNINGS

December 26, 2007|From Times Wire Services

Japan's Sanyo Electric Co. said it was amending earnings reports back to 2000 to record greater losses, prompting calls by regulators to fine the firm.

In revising its results, Sanyo said in a statement that it had booked 6 billion yen ($52.6 million) more in losses for the years from April 2000 to September 2007 than it had previously reported.

Sanyo blamed a lack of understanding of accounting rules and principles, as well as weak internal regulatory systems, but denied any intentional falsification.

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