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Panasonic, Sharp Post Fiscal Q1 Profits

7/29/2010 03:08:00 PM Eastern

Osaka, Japan - Panasonic and Sharp both reported profits for
their first fiscal quarter, ended June 30.

Panasonic said consolidated group sales for the first
quarter increased 35 percent to 2,161.1 billion yen, from 1,595.5 billion yen
in the first quarter of fiscal 2010 (a year ago), growing sales in all
segments.

Net income was 43.7 billion yen, a dramatic shift from its
53 billion yen loss during last year's first quarter.

In its digital AVC networks unit, sales rose 8 percent to
831.7 billion yen, from 773.3 billion yen a year ago, Panasonic reported, despite
sales decline of mobile phones. This was due primarily to strong sales of
flat-panel TVs, Blu-ray Disc recorders and automotive electronics.

Operating profit "significantly improved," the company said,
to 27.9 billion yen, from operating loss of 13.6 billion yen a year ago, mainly
due to the sales increase and "comprehensive streamlining efforts."

Panasonic also reported it would spend up to $9.36 billion
to turn subsidiaries Sanyo Electric and Panasonic Electric Works into wholly owned
units of the company to increase efficiencies and take full control of its rechargeable lithium-ion
batteries and solar panel-businesses.

Panasonic
completed the deal to take a majority stake in Sanyo
last December.

Sharp
reported a net profit of 10.69 billion yen in its fiscal first quarter, ended
June 30, in a dramatic swing from the operating loss of 25.2 billion yen the
prior year.

Net
sales were up 24 percent to 741.6 billion yen for the quarter.

Among
the categories that drove growth during the quarter were its Aquos LCD TVs and mobile
phones. Sharp introduced Aquos Quattron models, which combine its proprietary
UV2A technology and four-primary-color technology, in the U.S. and Europe and
also introduced 3D-compatible Aquos Quattron 3D models. In mobile phones, Sharp
launched handsets equipped with an open-source OS.

The consumer/information products group had sales of 480.3
billion yen, up from 11.2 percent over last year.

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