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Matsushita Reports Q1 Net Profit Increase
Aug 1, 2005
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Matsushita Electric Industrial Co., Ltd. reported its consolidated financial results for the first quarter, ended June 30, 2005, of the current fiscal year ending March 31, 2006. Consolidated group sales for the first quarter decreased 3 percent to 2,048.2 billion yen (approx. U.S.$18.6 billion), from 2,102 billion yen (approx. $18.8 bilion) in the same 3-month period a year ago. Explaining the first quarter results, the company cited sales gains in digital audiovisual (AV) products, especially V-products, both in Japan and overseas, as well as an increase in domestic sales of air conditioners, a result of collaboration with Matsushita Electric Works, Ltd. (MEW). Such gains, however, were offset by sales declines in components and devices, particularly semiconductors and general components. Of the consolidated group total, domestic sales increased 1 percent to 1,064.7 billion yen (approx. $9.7 billion), from 1,052.8 billion yen (approx. $9.4 billion) a year ago. Overseas sales were down 6 percent, to 983.5 billion yen (approx. $8.9 billion), from 1,049.2 billion yen (approx. $9.4 billion) in the first quarter of fiscal 2005.

AVC Networks sales were up 1 percent to 846.2 billion yen (approx. $7.7 billion), from 835.3 billion yen (approx. $7.5 billion) in last year's first quarter. Despite declines in audio equipment, sales of video and audio equipment increased slightly from the previous year, due mainly to favorable sales in flat-panel TVs and digital cameras. In information and communications equipment, overseas sales were down in cellular phones, facsimile machines, and other products. However, strong sales of PCs and automotive electronics led to a 2 percent increase overall.

Sales of Home Appliances decreased 3 percent to 308.4 billion yen (approx. $2.8 billion), compared with 317.3 billion yen (approx. $2.8 billion) in last year's first quarter. The transfer of certain product categories to MEW led to the overall sales decline, although sales gains were recorded in such areas as air conditioners, ventilating fans, and microwave ovens. Sales of Components and Devices were also down 13 percent to 251.6 billion yen (approx. $2.3 billion), compared with 290.6 billion yen (approx. $2.6 billion) in the same 3-month period of the previous year. Sales of semiconductors, general components and batteries decreased from last year's first quarter. Sales of MEW and PanaHome increased 2 percent to 342.7 billion yen (approx. $3.1 billion), from 336.2 billion yen (approx. $3 billion) last year. Sales gains at MEW were recorded in electronic and plastic materials, including industrial-use lighting fixtures, while sales gains at PanaHome Corporation (PanaHome) were recorded in detached housing and home remodeling.

Sales for JVC totaled 148.9 billion yen (approx. $1.4 billion), down 14 percent from 172.2 billion yen (approx. $1.5 billion) in the first quarter of last year. This result is due primarily to sluggish sales of consumer-use products overseas. Sales for other remained at 150.4 billion yen (approx. $1.4 billion), the same level as last year. On a consolidated basis, total assets as of June 30, 2005 were 8,122.9 billion yen (approx. $19 billion), an increase of 66 billion yen (approx. $589.9 million) from March 31, 2005.

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