OSAKA, Japan (AP) — Profit rose 20 percent at Panasonic
Corp. in the October-December quarter as growth in businesses such as
smart home systems offset its long struggling TV and appliance
divisions.
The Japanese manufacturing giant on Tuesday reported
net income of 73.7 billion yen ($728 million), up from 61.3 billion yen a
year earlier.
Sales increased by 10 percent to 2.0 trillion yen,
helped by steady new home construction in Japan, strong auto sales and
the depreciation of the yen.
According to Hideaki Kawai, managing
director in charge of accounting and finance, most business divisions
had increases in overseas sales due to the weaker yen. They also
benefited domestically from "last-minute demand" ahead of the April 1
increase in Japan’s sales tax to 8 percent from 5 percent.
Battered
by competition from Samsung Electronics Co. and others, Panasonic has
been trying to shift from consumer electronics, such as plasma TVs and
smartphones, to more profitable businesses such as batteries, solar
panels and home automation.
After two straight years of record
losses, totaling $15 billion, the company raised its profit forecast for
the fiscal year ending March to 100 billion yen from the 50 billion yen
profit it forecast in October.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.

OSAKA, Japan (AP) — Profit rose 20 percent at Panasonic
Corp. in the October-December quarter as growth in businesses such as
smart home systems offset its long struggling TV and appliance
divisions.
The Japanese manufacturing giant on Tuesday reported
net income of 73.7 billion yen ($728 million), up from 61.3 billion yen a
year earlier.
Sales increased by 10 percent to 2.0 trillion yen,
helped by steady new home construction in Japan, strong auto sales and
the depreciation of the yen.
According to Hideaki Kawai, managing
director in charge of accounting and finance, most business divisions
had increases in overseas sales due to the weaker yen. They also
benefited domestically from "last-minute demand" ahead of the April 1
increase in Japan’s sales tax to 8 percent from 5 percent.
Battered
by competition from Samsung Electronics Co. and others, Panasonic has
been trying to shift from consumer electronics, such as plasma TVs and
smartphones, to more profitable businesses such as batteries, solar
panels and home automation.
After two straight years of record
losses, totaling $15 billion, the company raised its profit forecast for
the fiscal year ending March to 100 billion yen from the 50 billion yen
profit it forecast in October.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.