Matsushita Electric Co., parent company of the Panasonic brand, said it earned 61.6 billion yen (approx. $589.47 million) during the Jan.-March 2008 period. Quarterly sales dipped 4% to 2.199 trillion yen ($21.04 billion) from 2.282 trillion a year earlier, the company said.
Sales of video and audio equipment rose 5% from a year ago, mainly on the back of strong sales in flat-panel TVs and DVD players. Home appliance sales were almost flat.
For the fiscal year through March, its profit rose 30% to 281.88 billion yen ($2.70 billion), up from 217.19 billion yen a year earlier. Sales slipped to 9.069 trillion yen ($86.78 billion) from 9.108 trillion a year earlier.