Panasonic Corp. reported net sales of 1,824,515 million yen in the three-month period that ended June 30, 2013, compared to 1,814,498 million yen in the three months that ended June 30, 2012. It was the first quarter of Panasonic's 2014 fiscal year.
Income in the 1Q FY 2014 was 122,612 million yen, up from 37,825 million yen in 1Q FY 2013.
Net income attributable to Panasonic was 107,831 million yen, up from 12,809 million yen.
Panasonic's Appliances business segment saw sales increase 3% to 313.3 billion yen, up from 305.2 billion yen in the first quarter of the previous fiscal year.
The sales increase came primarily from favorable sales in the Refrigerator Business Division (BD) and Kitchen Appliances BD, as well as the positive impact of yen depreciation. These helped offset lower sales in the Air-Conditioner BD, which saw sales of air-conditioners and compressors drop in China.
Appliances segment profit was down 39%, to 12.7 billion yen, from 20.7 billion yen the year earlier. This was blamed primarily on yen depreciation.
The Eco Solution segment saw sales increase 6% to 411.6 billion yen, from 387.9 billion yen, due mainly to stronger sales from Panasonic Ecology Systems Co., Ltd. and Housing Systems BD. The segment also saw sales growth in the solar business of Energy Systems BD, the result of a surge in consumer spending ahead of the purchasing price revision in Japan's feed-in tariff for electricity.
The Eco Solution segment saw a 344% surge in profit, to 16.1 billion yen, from 3.6 billion yen the year before.
The Appliances business segment makes air-conditioners, refrigerators, washing machines, personal care appliances, compressors, electric motors, refrigerated display cases, large-size air-conditioners, microwave ovens, vacuum cleaners, fuel cells, and small electric housewares appliances such as rice makers.
The Appliances business segment's major manufacturing companies include Panasonic Corp. and Sanyo Electric Company, both in Japan, and Panasonic Appliances Air-Conditioning Guangzhou Company and Panasonic Home Appliances Washing Machine Hangzhou Company.
The Eco Solutions business segment makes lighting fixtures and electric lamps, solar photovoltaic systems, ventilation and air-conditioning equipment, air purifiers.
Other Panasonic business segments also includes AVC Networks, making TVs, home audio equipment, and extensive lines of video equipment. The Automotive and Industrial Systems segment makes in-car electronics and battery systems. The Other business segment provides Healthcare equipment and services.
to Daily News