Panasonic Appliances Business Up 1% in Nine Months Feb 6, 2013

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Panasonic Corp. (Osaka, Japan) said sales in its Appliances segment in the third quarter of its fiscal year 2013 were down 1% to 383.1 billion yen (approx. US$4.1 billion). The Appliances segment's operating profit for the quarter was 19.3 billion yen, down 4.3 billion yen.

Sales in Appliances in the first nine months of fiscal 2013 increased 1% to 1,197.1 billion yen (approx. $12.8 billion), from 1,187.4 billion yen a year ago. The company saw of air-conditioners drop, but this was offset by increased sales of refrigerators and washing machines. The Appliance segment profit decreased, however, to 70.3 billion yen, from 76.4 billion yen a year ago, and the decrease was blamed primarily on lower air-conditioner sales.

Panasonic consolidated group sales for the third quarter of its fiscal year 2013 were down 8% to 1,801.5 billion yen (approx. US$21.0 billion), from 1,960.2 billion yen in the third quarter of the previous fiscal year.

Panasonic's third quarter ended Dec. 31, 2012, and its 2013 fiscal year ends March 31, 2013.

Operating profit for the group improved to 34.6 billion yen, from a loss of 8.1 billion yen in the year-ago quarter. Net income attributable to Panasonic Corp. was 61.4 billion yen compared to a loss of 197.6 billion yen a year ago.

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