Panasonic rebounds after largest loss by Japan manufacturer
News On Japan via PC World -- Aug 01

Panasonic said Tuesday it squeezed out a small profit in the April-June quarter, rebounding from a US$10 billion loss last fiscal year, the largest ever by a Japanese manufacturer.

The Osaka-based company said it booked a ¥12.8 billion (US$160 million) profit in the period, a tiny sliver of its ¥1.8 trillion in sales, but enough to keep it on track for a profitable year through March 2013.

Panasonic said sales at its electronics division fell 20 percent, but it was able to book an operating profit after being in the red last year, when the massive earthquake and tsunami that struck in March weighed on its results. The company said its profitability in the division was mainly due to reducing fixed costs and restructuring. Sales of laptops were better than a year earlier, while revenue from TVs and digital recorders slipped.

Source: PC World



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