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Panasonic net profit increased 49%

Staff writer ▼ | April 29, 2015
Panasonic reported a jump in net profit of 49%. For the business year that ended March 31, the company reported a net profit of Y179.49 billion.
Panasonic   Y179.49 billion for the business year
Operating profit was up 25% to Y381.91 billion while revenue was down fractionally to Y7.72 trillion. The company had expected to log a net profit of Y175 billion on revenue of Y7.75 trillion.

Under the leadership of chief executive Kazuhiro Tsuga, Panasonic is shifting its focus away from consumer electronics as a growth driver, drastically shrinking its global presence in the TV market among other measures.

Among the businesses now helping drive Panasonic's profits are its automotive unit, which sells car navigation systems as well as batteries for electric cars, including the Model S of Tesla Motors Inc.

For the current year ending in March next year, Panasonic forecasts a net profit of Y180 billion. It already said in March that its operating profit forecast for the year would be Y430 billion on revenue of Y8 trillion.

Mr. Tsuga has been committed to diversifying the business of the group, targeting Y10 trillion in revenue by the year ending March 2019. Investment will play an important role in reaching that goal, he has said, including aggressive acquisitions of companies overseas.