Panasonic has reported its consolidated financial results for the third quarter and nine months ended December 31, 2012, of the current fiscal year ending March 31, 2013.
Consolidated fiscal 3Q12 results
Consolidated group sales for the third quarter decreased by 8% to JPY1.8 trillion (US$1.95 billion), compared with JPY1.9 trillion for the third quarter of the year ended March 31, 2012 (fiscal 2012). Of the consolidated group total, domestic sales amounted to JPY917.2 billion, down by 12% from JPY1.04 trillion and overseas sales decreased to JPY884.3 billion, down by 3% from JPY916.4 billion, said Panasonic.
During the third quarter under review, despite signs of economic improvement in the US and China, the global economy stayed in a moderate recovery under uncertainty due to the financial issues in Europe and the US. The electronics industry also continued to be under severe conditions with weak demand in digital products and devices. However, there were signs of improvement in business environment for Japan-based companies such as weakening Japanese yen foreign exchange rates against the dollar and the Euro from extreme yen appreciation, and the recovering stock market in Japan, added the company.
Panasonic noted that operating profit improved to JPY34.6 billion from a loss of JPY8.1 billion a year ago. In the meantime, pre-tax income was JPY9.3 billion compared with a loss of JPY191.2 billion, and net income attributable to Panasonic amounted to JPY61.4 billion compared with a loss of JPY197.6 billion during the previous year.
Consolidated 9-month results
Consolidated group sales for nine months ended December 31, 2012 decreased by 9% to JPY5.4 trillion, compared with JPY5.96 trillion in the same period of fiscal 2012. Despite stable sales in car-related products thanks to the market recovery, the sales decrease was due mainly to weak demand for flat-panel TVs and Blu-ray Disc recorders in Japan. The company also put emphasis on profitability rather than on sales volume. Domestic sales amounted to JPY2.79 trillion, down by 9% from JPY3.08 billion a year ago, while overseas sales decreased by 8% to JPY2.64 trillion, down from JPY2.8 billion a year ago, added the company.
Panasonic also said its operating profit for the nine months increased to JPY122 billion, from JPY39.5 billion a year ago. Despite sales decreases, the results were due mainly to fixed cost reductions and streamlining material costs. Pre-tax loss totaled JPY269.4 billion, compared with a loss of JPY350.5 billion a year ago. This was due mainly to business restructuring expenses recorded in second-quarter 2012, including impairment losses of goodwill and intangible assets in other deductions in solar, consumer-use lithium-ion batteries and mobile phone businesses.
