Japanese high-tech giant Panasonic Corp returned to the black in the third quarter on management streamlining and upgraded its profit outlook for the full fiscal year, the company said yesterday.
Osaka-based Panasonic posted a net profit of ¥32.3 billion (US$360 million) in the October-December quarter, reversing a net loss of ¥63.1 billion a year earlier, said Japan’s biggest supplier of home appliances.
Operating profit more than tripled to ¥101.0 billion, while revenue gained 0.4 percent at ¥1.887 trillion in the quarter.
The profit gains were “due mainly to comprehensive streamlining of management,” the company said in a statement.
It added that the market for consumer electronics was still difficult even as the global economy is gradually emerging from its deep slump.
“In the electronics industry during the third quarter, despite visible signs of market recovery in such regions as China and Asia, severe business conditions continued,” including a shift to lower-priced products, it said.
For the nine months to December, the company still logged a net loss of ¥14.6 billion, against a year-earlier profit of ¥65.4 billion.
Its revenue during the nine months was ¥5.2 trillion, 16.1 percent less than a year earlier, while an operating profit for the period plunged to 49.0 percent to ¥129.9 billion.
For the full year ending March 31, Panasonic kept its net loss estimate unchanged at ¥140 billion, but raised its operating profit outlook to ¥150 billion from the October forecast of ¥120 billion.
It also raised its revenue outlook to ¥7.35 trillion from its previous estimate of ¥7 trillion.
“Although the global economy seems to be on the way to recovery, severe business condition continues with the appreciation of the yen and ever-intensifying global price competition,” the company said.
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