Panasonic Reports Profit In Fiscal Q3

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Osaka, Japan - Panasonic reported a profit and slight increase in sales for its fiscal third quarter, ended Dec. 31, 2009.

Panasonic's consolidated group sales for the third quarter edged up slightly to 1.886 trillion yen, from 1.879 trillion yen in the third quarter of fiscal 2009.

Operating profit for the third quarter "improved significantly" to 101.0 billion yen, from 26.4 billion yen in the third quarter of fiscal 2009, Panasonic said, "due mainly to comprehensive streamlining of management." And net income attributable to Panasonic Corporation resulted in 32.3 billion yen, improved from a loss of 63.1 billion yen a year ago.

In recent days,

Samsung

,

Sony

,

Sharp

, Toshiba and

Hitachi

have all issued their quarterly reports showing an improved business climate.

In its earnings statement, Panasonic said there were "visible signs of market recovery in some regions such as China and Asia" in the electronics business, but "severe business condition continued with changes in the market structure including demand shifts to emerging markets and lower-priced products."

Panasonic also reported the performance of key business segments for the nine-months ending Dec. 31, 2009.

Digital AVC networks sales, which include flat-panel TVs and other consumer electronics products, were down 15 percent  to 2.426 trillion yen, compared with the prior year's first nine months.

Although global sales of Blu-ray Disc recorders and domestic sales of flat-panel TVs were favorable, overall sales of video and audio equipment decreased 10 percent from a year ago, due mainly to a sales decline of digital cameras and overseas flat-panel TVs. In information and communications equipment, the sluggish sales of notebook PCs and peripherals led to a 20 percent decrease in overall sales.

Sales in its home appliance segment decreased 12 percent to 819.3 billion yen compared with the prior year due mainly to a sales decline of air conditioners and compressors, although sales in refrigerators were favorable.

As for its full fiscal year, which ends March 31, 2010, Panasonic said, "Although the global economy seems to be on the way to recovery, severe business condition continues with appreciation of the yen and ever-intensified global price competition."

And taking into account of the consolidation of Sanyo and its subsidiaries, Panasonic said sales should rise to 7.35 trillion yen, up from the previous 7 trillion yen forecast.

Operating profit is expected to be 150 billion yen, improved from the previous forecast of 120 billion yen. The 140 billion yen net loss attributable to Panasonic forecast that the company made earlier is unchanged.

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