Arab Today, arab today panasonic 3month net profit soars more than 50
Last Updated : GMT 12:43:31
Arab Today, arab today
Arab Today, arab today

Mainly thanks to a tax accounting change

Panasonic 3-month net profit soars more than 50%

Arab Today, arab today

Arab Today, arab today Panasonic 3-month net profit soars more than 50%

A woman displays Panasonic's new large tablet 'Toughpad 4K' in Tokyo
Tokyo - Arab Today

Japanese electronics giant Panasonic said Wednesday that its net profit soared 57 percent from a year ago, mainly thanks to a tax accounting change as the electronics giant continues to reshape its business.

The Osaka-based firm's earnings for the three months to June surged to 59.52 billion yen ($482 million), while operating profit edged down seven percent to 76.56 billion yen.

Sales were almost flat at 1.86 trillion yen from a year ago.

The upbeat net profit was also supported by Panasonic's lesser-known auto parts unit.

The division's bottom line grew 35 percent from the same period last year "due mainly to rationalisation in materials, fixed-cost reductions and the positive impact of exchange rate fluctuation", the company said in a statement.

Panasonic's auto division makes various products found in vehicles, including electrical components and car navigation systems.

It has also agreed on a capital and business alliance with Spain's Ficosa International to jointly produce electronic mirror systems, taking a 49 percent stake in the firm last month.

A weaker yen has made Japanese exporters relatively more competitive overseas and inflated the value of repatriated overseas profits.

For the current fiscal year, which started in April, Panasonic kept its forecast for a 180 billion yen net profit on revenue of 8.0 trillion yen.

Last business year was a standout for Panasonic, posting a near 50 percent jump in profit while rivals Sony and Sharp continued to struggle.

The firms have been working to move past years of gaping deficits, partly caused by steep losses in television units hammered by competition from lower-cost rivals particularly in South Korea and Taiwan.

The trio have launched huge restructuring plans with Panasonic emerging as the leader as it focuses less on consumer products and more on goods sold to other businesses.

Panasonic is pulling the plug on its last remaining TV manufacturing factory in China owing to the sharp decline in prices.

It has also signed a deal with US electric carmaker Tesla to build a huge battery-making plant in the United States.

The company said it will pour more cash to boost solar cells production in Japan, aiming to meet growing demand in the global clean energy market.

"Japanese electronics makers are minimising the negative impact of their TV businesses," said Hiroshi Sakai, chief economist at SMBC Friend Research Centre in Tokyo.

"Panasonic continues to benefit from strong performance in its housing and auto parts sectors on the back of the nation's economic recovery. The depreciation of the yen has also helped improve its earnings."

Sony and Sharp report their earnings later this week.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today panasonic 3month net profit soars more than 50 Arab Today, arab today panasonic 3month net profit soars more than 50

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 08:51 2017 Saturday ,25 February

Shaking off dieselgate, VW races back into profit

GMT 08:48 2017 Saturday ,25 February

France's Macron takes on critics over 'vague' programme

GMT 10:10 2017 Friday ,24 February

France's Macron gets boost, but election is wide open

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday