Panasonic says April-June net profit up by 8 fold

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Associated Press

Posted on July 31, 2013 at 6:06 AM

TOKYO (AP) — Japanese consumer electronics giant Panasonic Corp. says net profit surged more than eight-fold last quarter, helped by the weaker yen and strength in the company's automotive and housing-related businesses.

The 107.8 billion yen ($1.1 billion) profit in April-June compared with a 12.8 billion net profit in the same period a year earlier, an increase of 842 percent.

The Osaka-based company, which makes Viera TVs and Lumix digital cameras, is battling plunging prices and weak sales of its mainstay electronics products. It says it is making progress in trimming its unprofitable businesses.

Sales rose 1 percent to 1.82 trillion yen ($18.5 billion). An 8 percent increase in overseas sales helped offset a 6 percent decline in domestic revenue.

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