Matsushita Reports Increased Profit
Oct 28, 2005
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Matsushita Electric Industrial Co. Ltd., the Japan-based maker of Panasonic electronics, reported a 33-percent increase profit for the July to September 2005 quarter, lifted by strong sales of flat-panel TVs, digital cameras and personal computers.

The Osaka-based firm said group net profit totaled 31 billion yen (approx. U.S. $268 million) in the fiscal second quarter, up from 23 billion (approx. $200 million) the same quarter last year. Sales totaled 2.2 trillion yen (approx. $19 billion), unchanged from the same period a year ago.

While its rival Sony Corp. has stumbled in recent years, falling behind in TVs and portable audio players, Matsushita has fared better by focusing on high-end consumer electronics goods, such as plasma display TVs and digital video recorders.

Matsushita kept its forecast for the full year ending March 2006, unchanged at 110 billion yen (approx. $953 million) profit on sales of 8.720 trillion yen (approx. $76 billion). (AP)

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