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Matsushita: Profit Up On Lower Sales

Tokyo – Matsushita reported today its profit climbed 46 percent to $1.1 billion on total consolidated sales of $20.5 billion, down 4 percent, for its fiscal third quarter, ended Dec. 31.

Company executives said Matsushita experienced gains in all its categories with a particularly good performance in digital A/V products and white goods. The sales decline was attributed to the removal of JVC from the consolidated group sales ledger.

Matsushita’s AVC Networks group, which contains its CE products, saw sales increase 5 percent to $10 billion, up 10 percent from the same period last year. The increase was due to better flat-panel TV and digital camera sales.

Home appliances increased 6 percent to $2.9 billion. Double-digit growth in air conditioners and refrigerators helped add to the bottom line, the company said.

Going forward, the company said it will focus additional efforts to sell cutting-edge products in emerging markets such as India, Brazil and Russia and it will promote wider collaboration across Matsushita’s businesses segments to increase customer value and cut costs.