Panasonic operating profit up 60 pc, gives no forecast

TOKYO: Panasonic Corp said its operating profit rose 60 percent for the year ended in March, but did not give a forecast for the current year because of uncertainties following last month's devastating earthquake and tsunami in Japan.

The company said operating profit came at 305.3 billion yen ($3.7 billion) for the year just ended, up from 190.5 billion yen a year earlier, but falling short of its own earlier forecast of 310 billion yen.

Panasonic reported its earnings hours after a source said the company would lay off 40,000 people to cut costs and better enable it to compete with Asian rivals.