Matsushita Electric Industrial Co., Ltd. today announced a revision of its consolidated financial forecast, made on April 27, 2007, for the current fiscal year, ending March 31, 2008 (fiscal 2008). Victor Company of Japan, Ltd. (JVC), a consolidated subsidiary of Matsushita, plans to issue and allocate its new shares to third parties. As a result, Matsushita's ownership ratio of equity of JVC will decrease from 52.4% to 36.8%, and JVC will become an associated company under the equity method from a consolidated subsidiary in the fiscal 2008 second quarter.
With this transition and JVC's revision of financial forecast, Matsushita said that for the fiscal 2008 first half, ending Sept. 30, 2007 and full fiscal year, ending March 31, 2008. On a consolidated basis, Matsushita expects sales for the first half to decrease by about 3% to 4.322 billion yen (approx. US$35 million), compared with the previous forecast of 4.450 billion yen (approx.$37 million) . In addition, the revised forecast for operating profit1 is 181 billion yen (approx $1.5 billion), down about 5% from the previous forecast of 190 billion yen (approx. $1.58 billion).