Panasonic raises full-year earnings forecastOctober 31, 2013 - 11:20 AMT PanARMENIAN.Net - Panasonic raised its full-year earnings forecast as expected, with strong sales of its automotive systems and eco-friendly technology powering its transformation into an industrial components supplier from a consumer electronics brand, Reuters reported. Panasonic Corp increased its operating profit forecast for the year to March to 270 billion yen ($2.75 billion) from a previous forecast of 250 billion yen. That compares with expectations of 268.2 billion yen, the average of 19 analyst estimates according to Thomson Reuters Starmine. After a round of heavy restructuring that has seen Panasonic pull out of plasma TVs, smartphones and downsize its chipmaking segment, the Japanese company posted a net profit of 61.5 billion yen for the three months to September. That compares with the mean estimate of 60.92 billion yen, according to five analysts surveyed by Thomson Reuters I/B/E/S. Panasonic said on Wednesday, Oct 30, it would sharply increase its supply lithium batteries to U.S. carmaker Tesla to nearly 2 billion cells in the four years to 2017, a big step up from the 200 million cells it is supposed to have provided over the two years to this December. The deal is testament to the speed with which Panasonic has spun around its business after skipping its dividend a year earlier for the first time in six decades. It had suffered $15 billion in net losses over the previous two years. The company has also been active in selling off assets, agreeing recently to the sale of 80 percent of its healthcare unit to U.S. buyout firm KKR & Co for 165 billion yen. On Thursday, Panasonic also raised its full-year net profit forecast to 100 billion yen, against an average estimate of 75.52 billion yen, according to Thomson Reuters Starmine. Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Ameriabank's Trade Finance portfolio enriched with four prestigious awards from EBRD and IFC Ameriabank received the awards from international financial institutions in recognition of its trade finance operations. Armenian Economy Minister to make trip to UAE May 20-22 A delegation led by Minister of Economy Gevorg Papoyan will travel to the UAE capital of Abu Dhabi on May 20-22 Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Pillars installed in Armenian border village of Kirants In the Armenian village of Kirants, three border markers have been installed, and border guards stand next to them. |