Panasonic posts Q1 profit in a year

Panasonic posts Q1 profit in a year

Tokyo: Panasonic posted a quarterly profit for the first time in a year, buoyed by recovering demand for home electronics and appliances.

Osaka-based Panasonic Corp. said Friday it booked a 6.1 billion yen ($67 million) profit for the July-September fiscal second quarter, down 90% from the previous year.

Recovering demand for electronics and appliances such as refrigerators and washing machines at home and overseas contributed to the return to profit, company spokeswoman Kyoko Ishii said.

The Japanese electronics maker said its quarterly sales dropped 20% to 1.7 trillion yen ($19 billion) from the previous year.

For the fiscal first half, the company booked a net loss of 46.9 billion yen ($515 million).

Panasonic, like many other Japanese electronics makers, has been battered by the global economic slump and competition from rivals.