Osaka, Japan – Panasonic reported higher sales and operating profit in its fiscal first quarter, but lower net profit, compared with last year’s opening quarter.
Consolidated group sales for the first quarter, ended March 31, increased by 2 percent to 1,852.3 billion yen compared with last year.
Yen depreciation was part of the increase as well as overseas sales increasing 4 percent, Panasonic said.
Operating profit increased 28 percent to 82.3 billion yen due to fixed cost reductions and a sales increase.
However, net income decreased to 37.9 billion yen from 107.8 billion yen, mainly on a gain from a pension change incurred and other income deductions a year ago.
In AVC networks, its consumer electronics unit, sales increased 1 percent in the quarter to 273.8 billion yen year on year “due mainly to stable sales in core businesses.”
The segment loss was 8.1 billion yen, which is an improvement from a loss of 15.4 billion yen a year ago “due mainly to the effects of reforms in challenging businesses, Panasonic said.”