Daily Sabah

Panasonic reports return to profit

by Associated Press

Apr 29, 2014 - 12:00 am GMT+3

by Associated Press Apr 29, 2014 12:00 am

TOKYO — Panasonic has returned to profit from deep losses the previous fiscal year on the back of a weak yen. It is forecasting a 16 percent increase in profit for the coming fiscal year. Panasonic Corp. reported Monday 120.4 billion yen ($1.2 billion - TL 2.5 billion) in profit for the fiscal year through March 2014, a reversal from a 754.3 billion yen loss the previous fiscal year. Panasonic has been restructuring its sprawling operations to become more profitable. For the fiscal year through March 2012, it lost 772 billion yen. Sales for the fiscal year ended March 2014 improved 6 percent to 7.737 trillion yen ($75.85 billion).

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