TOKYO Oct 31 Panasonic Corp posted a
16 percent gain in second-quarter operating profit as it moves
away from loss-making TVs in favour of batteries, household
appliances and other businesses outside its struggling consumer
In the three months to Sept. 30, Panasonic posted an
operating profit of 48.8 billion yen ($613.22 million) compared
with a profit of 42 billion yen a year ago. The result was lower
than the average 55.6 billion yen profit estimate from five
analysts surveyed by Thomson Reuters I/B/E/S.
Panasonic's new CEO, Kazuhiro Tsuga is readying a revival
plan for the sprawling electronics conglomerate that he has
promised will weed out loss-making or low-profitability units.
New restructuring could add to costs and trim profits.
The maker of Viera TVs lowered its outlook for full-year
operating profit to 140 billion from a forecast in July of 260
billion yen, under an average profit forecast of 225 billion yen
from 19 analysts.
In the year ended on March 31, the company recorded an
operating profit of 43.7 billion yen.
Since the start of the year, Panasonic's shares have dropped
more than 20 percent compared with a more than 5 percent gain in
Tokyo's benchmark Nikkei 225.