TOKYO (Reuters) - Panasonic Corp will complete its restructuring in the current fiscal year to March 2015, Chief Executive Kazuhiro Tsuga said on Monday, as it shifts its focus to supplying industrial customers rather than making consumer electronics.
The company, which on Monday posted a 120 billion yen ($1.18 billion) net profit for the fiscal year just ended after racking up more than $15 billion in combined net losses for the prior two years, projected further profit growth this year but at a much slower pace.
The company said it would spend 90 billion yen on restructuring in 2014/15, down from 207.4 billion yen in the prior year, when it announced the closure of a plasma TV manufacturing complex and the sale of chipmaking plants.
Panasonic also said it will raise its capital expenditure this fiscal year to 255 billion yen from last year’s 217 billion yen.
($1 = 102.0350 Japanese Yen)
Reporting by Reiji Murai and Sophie Knight; Writing by Edmund Klamann; Editing by Dominic Lau