Panasonic Returns to Profit in Q2

Posted $67 million profit in July-Sept. quarter

Panasonic Corp. upgraded its outlook for the full fiscal year, after it returned to profit in the second quarter to September, the company said on Oct. 30.

Panasonic posted a net profit of 6.1 billion yen (US$67 million) in the July-September quarter and an operating profit of 49.1 billion yen, in a sign it is emerging from the economic downturn.

Although it returned to profit, the figures were far below those for the same period last year when Panasonic booked a net profit of 55.5 billion yen and an operating profit of 118.6 billion yen.

For the six months to September 2009, Japan's biggest supplier of home appliances still logged a net loss of 46.9 billion yen, from a year-earlier profit of 128.5 billion yen.

Its revenue during the six months was 33.3 trillion yen, 23% than a year earlier, but the company reported an operating profit of 28.9 billion yen.

Panasonic revised upward its forecast for the year to March 2010 to a net loss of 140 billion yen, after earlier predicting a 195 billion yen loss, and said it expected to post an operating profit of 120 billion yen.

Copyright Agence France-Presse, 2009

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