Arab Today, arab today panasonic annual profit soared 49 to 15bn
Last Updated : GMT 02:31:30
Arab Today, arab today
Arab Today, arab today

Panasonic: Annual profit soared 49% to $1.5bn

Arab Today, arab today

Arab Today, arab today Panasonic: Annual profit soared 49% to $1.5bn

Panasonic's earnings for the fiscal
Tokyo - AFP

Japanese electronics giant Panasonic said Tuesday that its annual profit soared 49 percent, strong results at its lesser-known auto parts unit and lower costs linked to a sweeping restructuring boosted its bottom line.

The Osaka-based firm's earnings for the fiscal year to March surged to 179.49 billion yen ($1.5 billion), although revenue edged down 0.3 percent to 7.7 trillion yen.

The upbeat figures underscore how Panasonic's shift to focus on lesser-known businesses, including an energy and auto division, has helped its finances, and made it a standout as rivals Sony and Sharp continue to struggle.

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

Sales in the unit rose "mainly to favourable demand in automotive business overseas especially in North America and Europe, offsetting a sales decrease from downsizing unprofitable businesses and transferring businesses", it said in a statement.

For the current fiscal year, which started this month, Panasonic said it expects a 180 billion yen net profit on revenue of 8.0 trillion yen.

A sharply weaker yen has helped Panasonic and other major Japanese exporters as it made them more competitive overseas and inflated the value of repatriated profits.

The company said operating profit jumped 25 percent as its restructuring translated into lower costs.

After posting record losses in recent years, Panasonic along with rivals Sony and Sharp launched painful overhauls as falling prices in their television businesses hit their bottom line.

As it moves away from consumer products, 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.

- 'Recovering faster' -

Still, a sales tax increase in Japan last year -- the country's first since the late nineties -- hurt consumer demand and damaged sales of household appliances, where Panasonic is a major player.

The vast company's shares rose 1.03 percent to 1,716.0 yen in Tokyo, before the results were published.

"Panasonic is recovering faster than its domestic rivals because it focused its restructuring more quickly," said Keita Wakabayashi, an analyst at Mito Securities in Tokyo.
"Its strong sectors…contributed to overall earnings while Sharp has been left behind. It's suffering severe price competition in the smartphone display business."

Aquos-brand maker Sharp, which reports its results in mid-May, has struggled to fix its balance sheet and is reportedly in talks with its key lenders for aid, as it eyes the closure of money-losing units.

Last week, Sony cut its loss forecast for the just-ended fiscal year owing to a pick up in sales and falling costs in its home entertainment business.

The company, which reports its latest annual results Thursday, now expects to lose 126 billion yen in the year to March, down from a 170 billion yen forecast in February and an eye-watering 230 billion yen loss estimate last year.

Sony also lifted its operating income expectations to 68 billion yen, up from 20 billion yen, and said revenue would be 8.21 trillion yen, compared with an earlier 8.0 trillion yen estimate.

 

 

arabstoday
arabstoday

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 annual profit soared 49 to 15bn Arab Today, arab today panasonic annual profit soared 49 to 15bn

 



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 annual profit soared 49 to 15bn Arab Today, arab today panasonic annual profit soared 49 to 15bn

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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