Panasonic Posts Q2 Gains In Sales, Profits

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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.


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