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Panasonic Net Profit for 9 months Decreased by 13%

Panasonic Net Profit for 9 months Decreased by 13%

Published by InvestorGreg Editorial Team

February 5th, 2019

The Net Income of Panasonic Corporation, one of the world’s largest manufacturers of household appliances and electronics, attributable to shareholders, for the first three quarters of 2018-2019 financial year (which completed on December 31) decreased by 13% and amounted to 173.7 billion yen (about $1.6 billion), as was mentioned in a press release.

The diluted profit per ordinary share in the reporting period amounted to 74.43 yen ($0.68) versus 85.75 yen ($0.78) per share a year earlier. The company’s operating profit declined by 8%, to 292.8 billion yen ($2.687 billion). The Japanese manufacturer’s revenue at the same time increased by 3%, to 6.083 trillion yen ($54.3 billion).

Following the results of the 2018-2019 financial year, which will complete on March 31, 2019, the Company expects net profit attributable to shareholders at 250 billion yen ($2.3 billion), which is 6% higher than in the previous financial year. At the same time, according to forecast, revenue will amount to 8.1 trillion yen ($74.3 billion), which is 1% higher than in the previous period.

Panasonic Corporation was founded in 1918; its headquarters is located in Osaka, Japan. The company is engaged in the manufacture of various household appliances and electronics competing with Sony, Toshiba and other companies in the market. It is included in the top five largest global TV manufacturers.

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