TOKYO Feb 1 Panasonic Corp rebounded
to a quarterly profit and stuck with its full-year earnings
forecast, as it moves its business away from loss-making TVs in
favor of household appliances, batteries and other non-consumer
In the three months to Dec. 31, Panasonic posted an
operating profit of 34.6 billion yen ($379 million), up from an
8.1 bln yen loss a year ago. In the nine months to Dec. 31,
Panasonic posted an operating profit of 121.95 billion yen.
The maker of Viera TVs kept its outlook for a full-year
operating profit of 140 billion yen, below expectations for a
149 billion yen profit forecast from 18 analysts on Thomson
The company also kept its forecast for a net loss of 765
billion yen for the business year, the second biggest in its
history, after writing off billions of dollars of goodwill and
assets in its mobile and energy units and tax credits.
Panasonic's CEO Kazuhiko Tsuga is readying a fresh revival
plan for the sprawling electronics conglomerate that he has
promised will weed out loss-making or low-profit units. Further
restructuring could add to costs and trim profits.
Since announcing the writedowns in October, the company's
shares have gained 17 percent compared with a 24 percent gain in
the benchmark Nikkei 225.
Its shares fell 1 percent on Friday to close at 592 yen
before it released its results for the quarter.