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Panasonic Posts Q2 Gains In Sales, Profits

Osaka, Japan – Panasonic reported double-digit sales gains
and an increase in net profit in its fiscal second quarter ended Sept. 30.

Consolidated group sales for the quarter increased 27
percent to 2,206.8 billion yen, from last year’s 1,737.8 billion yen.

Of the consolidated group’s total overseas sales increased
to 1,071.7 billion yen, up 31 percent from the prior year’s 820.5 billion yen.

Net income was 31 billion yen, up from the prior year’s 49.1
billion yen. And operating profit for the
second quarter was 85.2 billion yen, up from the prior year’s 49.1 billion yen.

In its Digital AVC Networks segment sales increased 3
percent to 1,657.8 billion yen, from 1,604.1 billion yen. Despite a decline in
sales of mobile phones and digital cameras, this result was due mainly to
favorable sales of flat-panel TVs, automotive electronics and Blu-ray Disc recorders,
Panasonic said.

Operating profit improved 381 percent to 61.3 billion yen
from 12.7 billion yen, mainly as a result of fixed cost reduction and
comprehensive streamlining efforts.

In its home appliances segment sales increased 7 percent to
636.7 billion yen, compared with 594.9 billion yen, due mainly to favorable
sales of air conditioners and compressors. Operating profit increased 84
percent to 49.1 billion yen from 26.7 billion yen, due mainly to strong sales.

And for Sanyo the sales in this segment totaled 829.7
billion yen. Sales of solar cells and car-related equipment such as car
navigation systems were strong because of economic stimulus programs in several
countries, as well as favorable sales of electronic components by continuing
increase in demand for PCs.

Operating profit resulted in 6.1 billion yen, even after
incurring the expenses such as the amortization of intangible assets recorded
at acquisition, the company said.