Panasonic Result 02/11/2014

Panasonic Corporation saw net profit in the second quarter fall 30% to ¥43 billion ($375 million) from ¥61.5 billion ($536.7 million) in Q2 of last year, while turnover for the quarter was flat year on year at ¥1.8 trillion ($15.7 billion). The company’s net profit in the first six months more than halved from a year earlier to ¥80.9 billion ($706.2 million) from ¥169.3 billion ($1.47 billion), though turnover improved slightly to ¥3.72 trillion ($32.5 billion) from ¥3.70 trillion ($32.3 billion) for the first half of last year. Sales in Panasonic’s AVC Networks business declined 3% to ¥531.6 billion ($4.6 billion), mainly because of the company’s exit from unprofitable businesses and the downsizing of businesses, including plasma display panels.