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Panasonic Profits Up

4/28/2008 11:31:00 AM Eastern

Secaucus, N.J. — Panasonic’s profits rose 30 percent for its fiscal year, ending March 30, the company announced today.

Panasonic also disavowed a rumor published in Japan that it was considering a merger with Sanyo Electric.

Panasonic earned a net profit of $2.7 billion on sales of $86.6 billion, which is down from $87 billion in its previous fiscal year.

The firm attributed the sales dip to the exclusion of Victor Company of Japan (JVC)’s revenue as JVC’s corporate status changed from subsidiary to affiliate last year. It nevertheless enjoyed a strong growth in profits thanks to sales of flat-panel televisions, white goods and a tax break, the company said.

For its financial year, Panasonic’s AVC networks division sales were up a total of 6 percent, with sales of video and audio equipment up 8 percent and automotive electronics and mobile phones up 5 percent.

The firm’s home appliance division sales grew 6 percent as well, due to AC units and refrigerators, the company said.

Panasonic also disavowed a rumor published in Japan that it was considering a merger with Sanyo Electric.

Panasonic earned a net profit of $2.7 billion on sales of $86.6 billion, which is down from $87 billion in its previous fiscal year.

The firm attributed the sales dip to the exclusion of Victory Company of Japan (JVC)’s revenue as JVC’s corporate status changed from subsidiary to affiliate last year. It nevertheless enjoyed a strong growth in profits thanks to sales of flat-panel televisions, white goods and a tax break, the company said.

For its financial year, Panasonic’s AVC networks division sales were up a total of 6 percent, with sales of video and audio equipment up 8 percent and automotive electronics and mobile phones up 5 percent.

The firm’s home appliance division sales grew 6 percent as well, due to AC units and refrigerators, the company said.

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