Panasonic back in the black

Japanese electronics maker Panasonic returned to the black in the last quarter of 2012 as cost-cutting and a weaker yen helped to offset sliding sales.

Panasonic is among the Japanese electronics makers battered by price plunges in the gadgets market and increased competition from more successful rivals such as US manufacturer Apple and South Korea’s Samsung.

Osaka-based Panasonic reported a 61.4 billion yen profit for the October-December period, following a loss of 698 billion yen in the previous quarter and a loss of 197.6 billion yen a year earlier.

Quarterly sales slipped 8% to 1.8 trillion yen.

The company said global demand for flat panel TVs and digital products and devices had weakened, but sales grew in LED lighting and car-related equipment.

  • Click to stay connected with more stories like this
  • Sign up here to receive news by email. Once per day, no spam.

Most Read in Business

  • Moyes 'given less time due to debt'

    Manchester United's mountainous debt pile and wage bill meant its owners could ill afford to give David Moyes the same amount of time to succeed as his predecessor Alex Ferguson, it was claimed today.

  • Netflix announces summer price rise as profits surge

    Netflix is preparing a sequel unlikely to be a hit with subscribers – the internet video service is about to raise its prices for the first time in three years to help pay for more programming such as its popular political drama House Of Cards.

  • GSK and Novartis agree tie-up deal

    GlaxoSmithKline and Swiss rival Novartis are to create a consumer healthcare powerhouse as part of a string of deals in the pharmaceuticals sector today.

  • Pic: Danielle Walquist Lynch / CC

    Penneys heads stateside

    Primark is opening stores in the north east of the USA.

  • Ryanair increases baggage allowance on flights

    Ryanair is to allow passengers bring a second small carry-on bag on board, in addition to a free 10kg cabin bag allowance from Sunday.

World Market

Currency Rates