Panasonic returns to profit for first time in three years

Japanese consumer electronics manufacturer Panasonic has posted its first full-year profit for three years.

Among the improving numbers was a 10% rise in appliance sales, which saw growth prior to a rise in consumption tax in Panasonic’s domestic market. Total profits posted saw an improvement to 120.4 billion yen (£710 million), up from a loss of 754.3 billion yen for the previous year. The news comes off the back of significant restructuring at the company and ongoing measures to streamline the less profitable areas of the business.

Panasonic has also forecast a 16% rise in net income for the current financial year. 

0