TOKYO (AFP) — Japan's Matsushita, the electronics giant behind the Panasonic brand, said Tuesday its net profit soared almost 86 percent in the fiscal first quarter helped by brisk sales of flat televisions.
Troubled affiliate JVC was also less of a drag on profits after the Osaka-based group slashed its stake in the firm.
Net earnings rose to 73.03 billion yen (680 million dollars) in the three months to June from 39.31 billion yen in the same period of the previous year, Matsushita Electric Industrial Co. said in a statement.
"The brisk performance of televisions, mobile telephones and digital cameras contributed to the sales growth," said Matsushita senior official Minoru Uenoyama.
"In all the regions overseas, the company marked a double digit growth in sales."
Sales of white goods and digital household appliances expanded in China while North America saw growth in sales of flat-screen televisions and high-definition DVD players, he said.
Revenue fell by 3.9 percent to 2.15 trillion yen after the company reduced its stake in loss-making Victor Co of Japan (JVC). Operating profit climbed 48 percent to 109.57 billion yen.
For the full financial year to March, the group left unchanged its forecasts for net profit of 310 billion yen on revenue of 9.20 trillion yen.
It said the business environment was expected "to remain severe" amid an uncertain US economic outlook, increased price competition and the rising cost of crude oil and other raw materials.
The earnings surge was in stark contrast to a slump at Sony Corp, which said its net profits almost halved in the first quarter and lowered its full-year forecast.
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