Panasonic Corp. (Osaka, Japan) saw group sales drop 12% in the second quarter of its fiscal year and reported group sales were down 9% in the first half of the fiscal year.
Panasonic's Appliance business segment, however, saw sales increase 2% in the first half of its current fiscal year, to 814.0 billion yen (approx. US$10.2 billion), compared to 801.1 billion yen a year ago.
The company said sales were down in air-conditioners, but this was more than offset by sales increases in refrigerators and washing machines.
Appliance segment profit was slightly lower than the previous year: 51.0 billion yen (approx. $640 million), down from 52.8 billion yen.
Panasonic reported consolidated overall group sales for its fiscal year second quarter were down 12% to 1,823.7 billion yen, compared with 2,075.7 billion yen for the second quarter of the previous fiscal year. The decrease was blamed on a global sales decrease in digital products as well as weak Japanese markets for flat-panel TVs and PCs.
Panasonic's current fiscal year, fiscal 2013, ends March 31, 2013. Its previous fiscal year, fiscal 2012, ended March 31, 2012.
to Daily News