Panasonic returns to profit on cost cuts

Friday 01 February 2013 11.21
Panasonic reports 61.4 billion yen ($667m) profit for the three months from October to December
Panasonic reports 61.4 billion yen ($667m) profit for the three months from October to December

Japanese electronics maker Panasonic returned to the black last quarter as cost cuts and a weaker yen offset sliding sales.

Panasonic is among the Japanese electronics makers battered by price plunges in gadgets and hot competition from more successful rivals such as Apple and Samsung Electronics.

Osaka-based Panasonic reported a 61.4 billion yen ($667m) profit for the three months from October to December.

It had a loss of 698 billion yen in the previous quarter and a loss of 197.6 billion yen a year earlier. Quarterly sales slipped 8% to 1.8 trillion yen ($19.6 billion).

The company said global demand weakened for flat panel TVs and digital products and devices, but sales grew in LED lighting and car-related equipment.