Matsushita Electric Industrial Co. said it had a fiscal second-quarter profit, aided by price cuts that spurred sales of its televisions and DVD recorders. The company cut its full-year forecast because of fears slower economic growth in the U.S. will hurt sales. The company, which sells its products under the Panasonic brand, had group net income of 13.5 billion yen (U.S. $110 million), or 5.69 yen a share, in the three months ended Sept. 30, compared with a loss of 50.1 billion yen, or 24.1 yen a share, a year ago.
The Osaka, Japan-based consumer-electronics maker has relied on
price cuts and higher ad spending to boost sales even as rivals
struggle to maintain market share. While sales rose 4 percent in
the second quarter to 1.78 trillion yen, company executives were
downbeat about the second half of the fiscal year. "We're usually able around this time to get a rough expectation for our Christmas sales but we have no idea what to expect this year," Matsushita Electric board member Tetsuya Kawakami said. (Bloomberg News)
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