Panasonic Reports Profit In Fiscal Q3
By Steve Smith On Mar 12 2010 - 10:56am
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.