Panasonic’s Q3 profit tumbles 44% as sales of white goods, home appliances fall

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TOKYO (Reuters) -Japan’s Panasonic Corp on Wednesday posted a 44% decline in third-quarter working profit to 73 billion yen ($636.2 million) as sales of white items and home appliances shrank in Japan and materials prices rose.

The outcome for the three months to Dec. 31 was worse than an estimated imply 106.9 billion yen profit from 10 analysts surveyed by Refinitiv.

Panasonic has shifted away from producing low-margin shopper electronics and appliances to creating auto batteries for Tesla Inc, manufacturing equipment, parts and extra just lately offering provide chain administration companies.

However these shopper appliances, which noticed a increase in sales throughout coronavirus lockdowns, nonetheless account for an enormous chunk of income.

Panasonic caught with its full-year forecast for annual profit of 370 billion yen – a determine in keeping with analysts’ forecasts.

($1 = 114.7400 yen)

(Reporting by Tim Kelly; Editing by Edwina Gibbs)



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