Panasonic posts nearly seven-fold first-quarter profit gain after cost-cutting
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Panasonic posts nearly seven-fold first-quarter profit gain after cost-cutting

www.reuters.com   | 31.07.2012.

TOKYO (Reuters) - Japan's Panasonic Corp posted a nearly seven-fold gain in first-quarter operating profit after cutting costs to offset losses in its TV unit hammered by competition from foreign rivals including Samsung Electronics.
Panasonic posts nearly seven-fold first-quarter profit gain after cost-cutting

Operating profit rose to 38.6 billion yen ($493.67 million) in the three months to June from a profit of 5.6 billion yen a year earlier, Panasonic said on Tuesday.

That was in line with the average 40 billion-yen profit estimated by three analysts surveyed by Thomson Reuters I/B/E/S.

The maker of Viera TVs stuck with a forecast for full-year operating profit to increase to 260 billion yen.

($1 = 78.1900 Japanese yen)

(Reporting by Tim Kelly; Editing by Ryan Woo)


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