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CORRECTED-Panasonic Q1 operating profit up 28 pct, above forecasts
July 31, 2014 / 8:05 AM / 3 years ago

CORRECTED-Panasonic Q1 operating profit up 28 pct, above forecasts

(Corrects percentage profit increase in first paragraph)

TOKYO, July 31 (Reuters) - Panasonic Corp posted an 28 percent rise in operating profit for the first quarter, beating analyst expectations, on growing demand for its automotive parts and household fittings.

The Japanese electronics company said on Thursday its operating profit rose to 82.3 billion yen ($800 million) in the April-June quarter. The figure was higher than the 66.82 billion yen average estimate of six analysts, according to Thomson Reuters Starmine.

Panasonic kept its operating profit target for the full year to March 2015 unchanged at 310 billion yen, which would be its highest profit in seven years.

It also confirmed that it had signed an agreement with U.S. automaker Tesla Motors Inc’s to co-operate in its planned lithium-ion battery plant in the United States. ($1 = 102.8400 Japanese Yen) (Reporting by Sophie Knight; Editing by Miral Fahmy)

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