Share “Panasonic returns to annual profit on weak...”

Panasonic returns to annual profit on weak yen

Published on NewsOK Modified: April 28, 2014 at 4:18 am •  Published: April 28, 2014
Advertisement

TOKYO (AP) — Panasonic returned to profit after deep losses for the past two fiscal years, as a weak yen and restructuring efforts helped a gradual recovery, and forecast a 16 percent increase in gains for the coming year.

Like other Japanese electronics companies, Panasonic Corp. has been struggling amid intense competition from Apple Inc. and South Korea's Samsung Electronics Co. Prices of gadgets have been falling, adding to Panasonic's woes.

The Osaka-based maker of the Lumix camera and Evolta batteries reported Monday 120.4 billion yen ($1.2 billion) in profit for the fiscal year through March 2014, a reversal from a 754.3 billion yen loss the previous fiscal year.

For the fiscal year through March 2015, it is projecting 140 billion yen ($1.4 billion).

For the fiscal year through March 2012, it had lost 772 billion yen, one of the biggest losses ever for a Japanese company.

Sales for the fiscal year ended March 2014 gained 6 percent to 7.737 trillion yen ($75.85 billion), as sales improved in a variety of sectors, including appliances, auto parts and ecological products such as lighting.

Continue reading this story on the...