Panasonic Reports Fiscal Year Profit Increase Apr 30, 2008

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Panasonic’s profits rose 30% for its fiscal year, ending March 30. Panasonic earned a net profit of US$2.7 billion on sales of $86.6 billion, which is down from $87 billion in its previous fiscal year. The firm attributed the sales dip to the exclusion of Victor Company of Japan (JVC)’s revenue as JVC’s corporate status changed from subsidiary to affiliate last year. It reported a strong growth in profits, thanks to sales of flat-panel televisions, white goods, and a tax break.

For its financial year, Panasonic’s AVC networks division sales were up a total of 6%, with sales of video and audio equipment up 8%. The home appliance division sales grew 6%.

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