Panasonic back in the black

Comment on this story
Panasonic2 Reuters. Panasonic's logo is seen on an electronics shop's wall in Tokyo.

Tokyo - Panasonic said Tuesday it returned to a nine-month net profit of $2.4 billion thanks to a sharp fall in the yen and cost cutting as the Japanese electronics giant undergoes a painful restructuring.

The 243.0 billion yen net profit between April and December reverses a net loss of 623.8 billion yen over the same period a year ago, while sales came in at 5.68 trillion yen, a rise of 4.4 percent.

“Yen depreciation contributed to the sales increase,” the company said in a statement.

A weak yen inflates profits of Japanese exporters including Panasonic and rivals Sony and Sharp.

Panasonic pointed to a boost in sales of auto-related products, such as GPS navigation systems and car batteries, while new home construction in Japan also provided a boost.

But sales in digital consumer products, including its struggling television business, remained weak as the company shifts its attention away from loss-making divisions as part of a wider restructuring.

Panasonic maintained its forecast for the fiscal year to March, expecting an annual net profit of 100 million yen on revenue of 7.4 trillion yen. - Sapa-AFP

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines