Tokyo (dpa) – Panasonic Corp posted a net profit of 61.3 billion yen (666 million dollars) in the October-December quarter due in part to a weaker yen, the company said Friday.
The company logged a net loss of 197.7 billion yen in the same period last year.
Panasonic also logged an operating profit of 34.6 billion yen for the October-December period, compared with an operating loss of 8 billion yen a year ago, while sales were down 8 per cent to 1.8 trillion yen from 1.96 trillion yen.
”There were signs of improvement in the business environment,” Panasonic said in a statement, pointing a weakening of the yen against the dollar and the euro and the recovering stock market in Japan.
The company, however, maintained its annual net loss forecast at 765 billion yen amid a slowdown in the United States and Europe.
Panasonic said the electronics industry continued to suffer from ”weak demand in digital products and devices.”