Panasonic on Monday reported quarterly gains in profits and sales thanks to a strong performance in its auto-related sector, confirming the Japanese electronics mainstay is on course for recovery. The Osaka-based company is best known abroad for electronics, but has shifted to other sectors, including energy and an auto division that makes products from electrical components to navigation systems.
Panasonic, which suffered profit and sales falls in the previous fiscal year that ended in March, said net profit surged 67.1 percent to 48.8 billion yen ($441 million) for the April-June period. Quarterly sales rose 5.1 percent to 1.87 trillion yen, while operating profit jumped 16.9 percent to 83.9 billion yen for the three months. Annual sales are seen at 7.8 trillion yen, also unchanged.