Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Matsushita Reports Rise in Profits
Feb 4, 2005
 Printable format
 Email this Article
 Search

Matsushita Electric Industrial Co. reported a 47-percent rise in profits for the third quarter, boosted by strong demand for plasma display television sets and washing machines. But it also said it would cut as many as 8,000 jobs in Japan to reduce costs and ward off cheaper competition and slashed its full-year earnings forecast.

Group net profit at the Osaka-based manufacturer of Panasonic brand products totaled 35.6 billion yen (approx. U.S. $341 million) for the quarter ended Dec. 31, up from 24.2 billion yen (approx. $233.2 million) in the same period a year earlier.

Sales rose 13 percent to 2.3 trillion yen (approx. $22 billion) for the quarter from 2.03 trillion yen (approx. $19.6 billion) a year earlier.

Matsushita cut its profit outlook for the fiscal year ending March 31 to 50 billion yen (approx. $479 million) from its initial forecast of 63 billion yen (approx. $607.3 million), citing restructuring costs.

Even the lower forecast marks a 19-percent improvement from the previous year. Matsushita kept its full-year sales forecast unchanged at 8.8 trillion yen (approx. $84 billion).

The company said it was sticking to restructuring plans despite its bright performance and was cutting 7,000 to 8,000 jobs in Japan, or about 2 percent of its global work force, this fiscal year. The job reductions will be carried out through early retirement and other voluntary methods, said Munetsugu Takeda, company spokesman.

For the 9 months through Dec. 31, Matsushita earned 91.7 billion yen (approx. $878 million), nearly double the 47.4 billion yen (approx. $456.9 million) recorded in the same period a year earlier. Sales for the 9 months rose 17 percent to 6.6 trillion yen (approx. $63 billion) from 5.7 trillion yen (approx. $54.9 billion).

During the latest quarter, sales were up for plasma TVs and digital cameras, offsetting sales declines in audio equipment and mobile phones. Home appliance sales were also good on strong demand for air-conditioners, washing machines, and refrigerators in Japan, but components and device sales suffered during the quarter, Matsushita said. (Forbes.com)

Back to Daily News

 

Daily News

...........................................................

Apr 23, 2014: Bosch Home Appliances Garners EPA Energy Star Partner of the Year - Sustained Excellence Award

Apr 23, 2014: AO Smith Develops Ultra-Low NOx, Compact Commercial Water Heater for California

Apr 23, 2014: Dacor Launches First North American Cooktop with Touch Control

Apr 23, 2014: Existing-Home Sales Show Slight March Decrease

Apr 23, 2014: CEA: Consumer Sentiment Down in April

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows