Panasonic posts first full annual profit for three years

Panasonic posts first full annual profit for three years

PanARMENIAN.Net - Japanese consumer electronics giant Panasonic has reported its first full-year profit for three years, with the weaker yen helping to boost sales, according to BBC News.

The maker of the Lumix camera posted profits of 120.4bn yen ($1.2bn) for the year to March, compared with a 754bn yen loss a year earlier.

The company also said cost cutting had boosted its profitability.

Panasonic is forecasting a 16% jump in net profit to 140bn yen for the current financial year. This increase is based on the economic recovery in the U.S. and Europe.

Panasonic has more than 600 business units within the organization, with interests ranging from home appliances to housing equipment such as ventilation systems, as well as industrial products in the automotive and robotics sectors.

Sales in its appliances division rose by 10% from one year ago, which was mainly driven by a surge in consumer spending in Japan ahead of the rise in the country's consumption tax.

Japan increased the consumption tax rate to 8% from 5% on April 1.

 Top stories
The memorandum of understanding will allow for an exchange of technical information and non-operational data related to cybercrime.
Mozilla is setting Yandex as the default search engine in Russia, and the move opens up the firm to work with more local partners
The award of $23.6mln was a tenth of what the firm was claiming: $1 for every infringing device sold, which would have totaled $237mln.
In a video demonstration of the attack, an iPhone was sent a URL to install a new version of the “Flappy Bird” game.
Partner news