Panasonic Reports Profit In Fiscal Q3

By Steve Smith -- TWICE, 2/22/2010

OSAKA, JAPAN — Panasonic reported a profit and slight increase in sales for its fiscal third quarter, ended Dec. 31, 2009.

Panasonic’s consolidated group sales for the third quarter edged up slightly to 1.886 trillion yen, from 1.879 trillion yen in the third quarter of fiscal 2009.

Operating profit for the third quarter “improved significantly” to 101.0 billion yen, from 26.4 billion yen in the third quarter of fiscal 2009, Panasonic said, “due mainly to comprehensive streamlining of management.” And net income attributable to Panasonic Corporation resulted in 32.3 billion yen, improved from a loss of 63.1 billion yen a year ago.

Earlier this month Samsung, Sony, Sharp, Toshiba and Hitachi have all issued their quarterly reports showing an improved business climate.

In its earnings statement, Panasonic said there were “visible signs of market recovery in some regions such as China and Asia” in the electronics business, but “severe business condition continued with changes in the market structure including demand shifts to emerging markets and lower-priced products.”

Panasonic also reported the performance of key business segments for the nine-months ending Dec. 31, 2009.

Digital AVC networks sales, which include flat-panel TVs and other consumer electronics products, were down 15 percent to 2.426 trillion yen, compared with the prior year’s first nine months.

Although global sales of Blu-ray Disc recorders and domestic sales of flat-panel TVs were favorable, overall sales of video and audio equipment decreased 10 percent from a year ago, due mainly to a sales decline of digital cameras and overseas flat-panel TVs. In information and communications equipment, the sluggish sales of notebook PCs and peripherals led to a 20 percent decrease in overall sales.