Matsushita Reports Q1 Results Apr 28, 2005

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Matsushita Electric Industrial Co., Ltd. reported its annual financial results for the year ended March 31, 2005. Consolidated group sales for fiscal 2005 increased 16 percent, to 8.7 trillion yen (approx. U.S.$82.1 billion), from 7.5 trillion yen (approx. $70.8 billion) in the previous fiscal year.

Explaining fiscal 2005 results, the company cited sales gains in digital audiovisual (AV) equipment and home appliances, especially V-products, and the addition of Matsushita Electric Works, Ltd. (MEW), PanaHome Corporation (PanaHome), and its respective subsidiaries to the company's consolidated financial results.

Fiscal 2005 consolidated results include the results of these subsidiaries on a full-consolidated basis. Total, domestic sales increased 32 percent to 4.6 trillion yen (approx. $43.4 billion), compared with 3.5 trillion yen (approx. $33.1 billion) a year ago. Overseas sales were up by 3 percent, to 4.1 trillion yen ($38.7 billion), from 4 trillion yen (approx. $37.7 billion) in fiscal 2004. Excluding the effects of currency translation, overseas sales increased 6 percent from a year ago.

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