Panasonic Home Appliances plunges post Q1 results

Panasonic Home Appliances India is frozen at the lower circuit of 5% at Rs 118, extending the 27% fall in the past three trading days from Rs 170, after turning into the red in the first quarter. The company reported a net loss of Rs 2.89 crore for the first quarter ended June 30, 2011 against a net profit of Rs 0.25 crore in corresponding quarter of the previous fiscal.

The income from operations dipped 11% to Rs 32.72 crore on a y-o-y basis. The higher raw material costs, which rose 37% at Rs 22.89 crore (Rs 16.73 crore), dented profit growth of the household appliances maker during the recently concluded quarter.

A combined 9,754 shares have changed hands on the counter till 1038 hours and there are pending sell orders for 1,301 shares on the NSE and BSE.