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Panasonic Reports Profitable Quarter

Osaka, Japan — Panasonic reported a profit in its fiscal third quarter, ended Dec. 31, but lower sales due to weakness in digital consumer products.

Consolidated group sales in the quarter decreased year on year by 8 percent to 1,801.5 billion yen. Panasonic blamed weak demand for CE sales.

However, operating profit improved to 34.5 billion yen, from a loss of 8.1 billion yen a year ago, and net income was 61.4 billion yen, compared with a loss of 197.6 billion yen a year ago.

In the first three quarters of its fiscal year, Panasonic reported that AVC network’s sales decreased 23 percent to 1,078.9 billion yen from the previous year. The result was due mainly to a significant sales decline in flat-panel TVs and digital cameras.

However, the group’s operating profit improved to 21.6 billion yen, compared with a year-ago loss of 40.5 billion yen, due mainly to fixed cost reductions and restructuring benefits, the company said.

In appliances, sales increased 1 percent to 1,197 billion compared with a year ago. Segment profit decreased to 70.3 billion yen, compared with 76.4 billion yen a year ago.