TOKYO: Japanese electronics giant Panasonic Corp. said Wednesday it returned to the black for the nine months to December thanks to brisk sales and cost-cutting efforts that helped offset the yen's strength.
The Osaka-based company booked a net profit of 114.7 billion yen (1.4 billion dollars) in the period, reversing a net loss of 14.6 billion yen a year earlier.
It posted a net profit of 40 billion yen in the October-December quarter, up from 32.3 billion yen a year earlier, it said in a statement.
The profit gain was due to "strong sales and streamlining of material costs and other general expenses, offsetting severe price competition, appreciation of the yen and rising material costs," Panasonic said in a statement.For the full year, the company gave a cautious outlook and maintained its forecast of an 85 billion yen net profit.
The firm is looking to shift its focus from home electronics which faces increasing competition and shrinking margins -- to the fast-growing and lucrative renewable energy and energy conservation business.
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