Panasonic Q2 operating profit jumped to $1 billionStaff writer ▼ | October 29, 2015
Lifted by strong sales of high-end TVs, security cameras and restructuring gains, Panasonic July-September operating profit jumped to 123.9 billion yen ($1 billion), up 31 percent from a year earlier.
Panasonic Operating profit jumped 31 percent
As part of a drastic restructuring, Panasonic has shifted its focus towards high-tech auto parts and energy-saving home systems to escape cut-throat price competition in smartphones and lower-margin consumer products.
Panasonic has said it plans to invest around $500 million in its automotive business in the current financial year. That includes the Gigafactory, which Tesla has said will cost up to roughly $5 billion, with Panasonic to shoulder about 30 percent of the investment.
Panasonic also said on Thursday it would sell its lead acid battery business to battery maker GS Yuasa Corp for $250 million to focus on lithium-ion batteries. ■