Panasonic Corp., Japan-based maker of appliances and consumer electronics, had consolidated third quarter group sales of 2,285.5 billion yen (approx. US$28 billion), up 21% from 1,886.6 billion yen in the third quarter of the previous fiscal year. The third quarter of Panasonic's fiscal year 2011 ended on Dec. 31, 2010. The fiscal year ends Mar. 31, 2011.
For the nine months ended Dec. 31, 2010, operating profits were up 27% to 6,653.4 billion yen, compared to 5,219.9 billion yen in the same period in the previous year. Domestic sales amounted to 3,390.1 billion yen, up 22% from 2,780.9 billion yen a year previous. Overseas sales increased 34% to 3,263.3 billion yen, up from 2,439.0 billion yen a year ago. Operating profit for the nine months increased to 264.3 billion yen (approx. $3.2 billion), up from 129.9 billion yen a year ago.
Panasonic's Home Appliances business saw sales increase 8% to 974.2 billion yen (approx. $12 billion) in the first nine months of FY 2011, compared to 900.5 billion yen a year ago, due mainly to favorable sales of air-conditioners, refrigerators, and compressors. Operating profit increased 41% to 81.9 billion yen, up from 58.0 billion yen, due mainly to strong sales and fixed cost reduction.
Sanyo, the Japanese appliance and consumer electronics OEM that became a business unit of Panasonic in 2008, had nine-month sales of 1,223.0 billion yen. Operating profit was 0.4 billion yen after expenses. Panasonic Corp. and Sanyo Electric Co., Ltd. plan to conduct a share exchange to make Sanyo a wholly owned subsidiary of Panasonic in March of 2011.
to Daily News