Panasonic first-quarter profits up 17.6 percent

July 31, 2018
Panasonic is reporting a rise in first-quarter profits

Japanese electronics giant Panasonic said Tuesday its first-quarter net profit jumped more than 17 percent thanks to growth in its automotive-related business.

The Osaka-based company said net profit for the April-June period rose 17.6 percent to 57.4 billion yen ($515 million), from 48.8 billion yen the previous year.

"In Japan, the US and Europe, the business grew... sales grew for the energy business such as automotive and storage batteries and for industrial-related business," Panasonic said in a statement.

The company has been enjoying a solid recovery, particularly with healthy sales of electronics products for automobiles such as navigation units.

The automotive sales increased thanks to "market growth for eco-cars and expanded demand in advanced driver-assistance systems", Panasonic said.

Panasonic has partnered with local automotive titan Toyota and has provided batteries for US electric vehicle innovator Tesla, as it explores ways to expand beyond its mainstay electronics operations.

Jointly with Tesla, Panasonic produces lithium-ion battery cells at a "gigafactory" but Tesla's new mass-market model has been hit by a production delay.

Operating profit jumped 19.1 percent to 100 billion yen while sales were up 7.7 percent to two trillion yen, the company said.

The company left unchanged its full-year forecast, which sees climbing 5.9 percent to 250 billion yen with sales rising 4.0 percent to 8.3 trillion yen.

Explore further: Panasonic profit soars on automotive business growth

Related Stories

Panasonic's April-June net profit up by 8 fold (Update)

July 31, 2013

Japanese consumer electronics giant Panasonic Corp. said Wednesday its quarterly earnings surged more than eight-fold, helped by the weaker yen and a one-time boost from a change in its corporate pension scheme.

Panasonic returns to profit in 1Q on cost cutting

July 31, 2012

(AP) — Panasonic Corp. said Tuesday it returned to the black in the April-June quarter, logging a net profit of 12.8 billion ($163 million) mainly on lower costs after cutting more than 38,000 jobs over the last year.

Recommended for you

The friendly extortioner takes it all

February 15, 2019

Cooperating with other people makes many things easier. However, competition is also a characteristic aspect of our society. In their struggle for contracts and positions, people have to be more successful than their competitors ...

A river of stars in the solar neighborhood

February 15, 2019

Astronomy & Astrophysics publishes the work of researchers from the University of Vienna, who have found a river of stars, a stellar stream in astronomical parlance, covering most of the southern sky. The stream is relatively ...

Where is the universe hiding its missing mass?

February 15, 2019

Astronomers have spent decades looking for something that sounds like it would be hard to miss: about a third of the "normal" matter in the Universe. New results from NASA's Chandra X-ray Observatory may have helped them ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.