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Japan-based appliance maker Matsushita Electric Industrial Co., Ltd. reported its consolidated financial results for the third quarter and 9 months, for the period ending Dec. 31, 2003.
Consolidated group sales for the third quarter increased 5 percent to 2.03 billion yen (approx. U.S. $19 million), from 1.94 billion yen in the same 3-month period in 2002. Of the total, domestic sales increased 8 percent to 932.5 billion yen (approx. U.S. $8.7 million). Overseas sales also improved, up 3 percent to 1.1 billion yen (approx. U.S. $10.4 million).
Sales of home appliances were mostly unchanged, increasing 1 percent to 306.9 billion yen (approx. U.S. $2.9 billion), compared with 303.6 billion yen in the previous year's third quarter. Within the home appliances segment, sales of compressors and certain seasonal products declined, while washer and dryers and dishwashers recorded increased sales.
Overall sales and earnings increased in the third quarter. Sales growth was led by digital audiovisual (AV) products, cellular phones, and factory automation (FA) equipment, although the Components and Devices and JVC segments recorded setbacks.
Consolidated group sales for the 9 months ended increased 2 percent to 5.7 billion yen (approx. U.S. $53.9 million), compared with 5.6 billion yen in the same 9-month period in 2002. Domestic sales increased 4 percent to 2.6 billion yen (approx. U.S. $24.5 million), while overseas sales edged up 1 percent to 3.1 billion yen (approx. U.S. $29.3 million).
AVC Networks sales jumped 10 percent to 1.01 billion yen (approx. U.S. $9.4 million), compared with 920.3 billion yen in the same 3-month period a year ago. Within AVC Networks, sales of video and audio equipment were up 3 percent from 2002's third quarter. Although sluggish sales continued in cathode ray tube (CRT) TVs, VCRs, and audio equipment, digital audiovisual (AV) products, such as flat-panel TVs and DVD recorders, posted strong sales, resulting in the overall increase.
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