TOKYO (AP) _ Japanese electronics maker Sanyo Electric Co. on Wednesday slashed its earnings forecast for the fiscal year ending this month, citing sluggish sales amid the global slump.

Sanyo cut its group net profit forecast to 1.5 billion yen ($11.3 million) from the previous estimate of 13 billion yen, reflecting a drop in sales of electronics devices, losses on the company's securities holdings and costs for early retirement programs.

It cut its sales forecast to 2.02 trillion yen ($15 billion) from 2.1 trillion yen. Last fiscal year, the company posted a profit of 42.2 billion yen on sales of 2.16 trillion yen.

Sanyo said there were few signs of recovery for the Japanese economy any time soon.

Some Japanese electronics makers are forecasting heavy losses for this fiscal year, suffering from the worldwide downturn and price competition in products such as computer memory chips from Asian rivals.