Panasonic back in black with 32.3 bn yen profit

Japanese electronics major Panasonic Corp today said it has returned to profit with a net income of 32.3 billion yen ($360 million) in the three-month period ending December 31, 2009.

In the year-ago period, the company had a net loss of 63.11 billion yen, Panasonic said in a statement.

Net sales increased to 1.88 trillion yen in the quarter under review from 1.87 trillion yen in the same period last fiscal.

Panasonic's earnings come on the back of improving results from across the electronics industry.

Sony Corp posted an eight-fold growth in net profit and also reported a robust outlook for the full year.

 

Out of the overall, the company's domestic sales slipped 2 per cent to 1,004.9 billion yen, while those overseas rose 3 per cent to 881.7 billion yen in the third quarter of 2009.

"In this business condition, Panasonic simultaneously rebuilds its management structure, while preparing and taking action for growth in fiscal 2010," the company said.

Panasonic kept its net loss unchanged at 140 billion yen for the full year ending March 31.

However, it lifted its operating profit outlook to 150 billion yen from the earlier forecast of 120 billion yen.

The company also raised its revenue outlook to 7.35 trillion yen from its previous estimate of 7 trillion yen.