Panasonic Posts Fiscal Q3 Sales, Income Gains

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Osaka, Japan - Panasonic reported double-digit increases in net sales and income during its fiscal third quarter, ended Dec. 31.

Compared with the same period a year ago, consolidated group sales for the third quarter increased 21 percent to 2,285.5 billion yen, from 1,886.6 billion yen. Of the consolidated group total, domestic sales amounted to 1,200.6 billion yen, up 19 percent from 1,004.9 billion yen, and overseas sales increased to 1,084.9 billion yen, up 23 percent from 881.7 billion yen.

Net income attributable to Panasonic totaled 40.0 billion yen, up from 32.3 billion yen.

Panasonic said that during the quarter, although the bleak employment scenario continued to plague developed countries, the global economy has recovered gradually, due mainly to economic stimulus plans in several countries and the sustained high-growth in emerging countries.

Panasonic broke out the performances of individual business groups in the report for the first nine months of its fiscal year, which ended Dec. 31.

In digital AVC networks, its consumer electronics businesses, sales increased to 2,585.4 billion yen, up 0.3 percent from 2,578.2 billion yen a year ago. Despite a decline in sales of mobile phones and digital cameras, this result was due mainly to favorable sales of Blu-ray Disc recorders and flat-panel TVs.

Operating profit increased 91 percent to 101.2 billion yen, from 52.9 billion yen, mainly as a result of fixed cost reduction and comprehensive streamlining efforts, offsetting the impact of the yen appreciation.

In its home appliance segment, sales increased 8 percent to 974.2 billion yen, compared with 900.5 billion yen a year ago, due mainly to favorable sales of air conditioners, refrigerators and compressors.

Operating profit increased 41 percent to 81.9 billion yen, from 58 billion yen, due mainly to strong sales and fixed cost reduction.

Panasonic's Sanyo subsidiary reported its nine-month financial performance for the period, also ending Dec. 31, 2010, yesterday.


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