Panasonic has reported a quarterly profit following heavy cost-cutting
By Ian Armitage
The electronics company said net profit between October and December came in at 32.3 billion yen, compared with a net loss of 63.1 billion for the same period a year earlier.
The turnaround was due mainly to comprehensive streamlining of management.
“Despite visible signs of market recovery in regions such as China and Asia, severe business conditions continued,” Panasonic warned, however.
It maintained its forecast for a loss of 140 billion yen for the year to the end of March and said the market for consumer electronics remained “difficult”.
It added that the strong yen was also hampering exports.
Edited by Ellie Duncan
SOURCE: www.panasonic.net