TOKYO – Japanese electronics giant Panasonic today revised its full-year forecasts upwards, citing sales growth and cost-cutting efforts, but said profit declined in April-December as the coronavirus pandemic battered the global economy.
For the 2020/21 financial year, the firm now expects a ¥150 billion (RM5.66 billion) profit on sales of ¥6.6 trillion.
Its previous forecasts were for ¥100 billion and ¥6.5 trillion respectively.
The hikes reflect “recent growth in sales” and the “strengthening of our business structure”, Panasonic said in a statement.
For the April-December period, the company posted net profit of ¥130.14 billion, down 27% year-on-year, on sales of ¥4.87 trillion, which were down 15%.
Panasonic yesterday said it would stop producing solar panels, a sector in which it was once a global pioneer but has in recent years been overtaken by rivals from China. –AFP, February 2, 2021
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