Panasonic Corp. (Osaka, Japan) said sales in its Appliances business segment in the first nine months of the year were up 8%, to 903.2 billion yen (approx. $8.8 billion), from 833.9 billion yen in the first nine months of the previous fiscal year.
The increase in Appliances was mainly a result of yen depreciation. Sales of most products were disappointing, particularly sales of residential air-conditioners in China. Appliances segment profit was down 23%, to 27.0 billion yen, from 34.9 billion yen in the first nine months of the previous year.
Streamlining and cost reductions in Appliances were not enough to offset the negative impact of yen depreciation on products manufactured in overseas factories that import to Japan.
Panasonic Corp. (Osaka, Japan) said consolidated group sales in the third quarter of its current fiscal year was up 10% to 1,973.5 billion yen (approx. USD $19.3 billion), from 1,801.5 billion yen in the third quarter of its previous fiscal year.
Panasonic's fiscal year 2014 ends March 31, 2014.
Panasonic said yen depreciation contributed to the sales increase. Automotive-related and housing-related business sales increased; sales of digital consumer products decreased as the company focused on profitability over than sales volume.
Domestic (Japanese) sales increased 6% to 970.3 billion yen in the quarter from 917.2 billion yen a year ago. Overseas sales increased 13% to 1,003.2 billion yen from 884.3 billion yen a year ago.
Consolidated group sales for the nine months that ended Dec. 31, 2013, was up 4% to 5,679.8 billion yen, compared with 5,439.7 billion yen in the same period of fiscal 2013. Domestic sales were 2,757.6 billion yen, down 1% from 2,795.4 billion yen a year ago. Overseas sales were up 11% to 2,922.2 billion yen, from 2,644.3 billion yen a year ago.
to Daily News