Matsushita Electric reports improvement in profits

Matsushita Electric reports improvement in profits

Matsushita Electric Industrial is the world’s largest maker of consumer electronics and the company has now reported a 60 percent gain in third-quarter profit.

The company gained from weakening position of Yen in the world market. In addition, the company also benefitted from improved sales of Panasonic plasma televisions and cameras.

Matsushita reported net income of 78.7 billion yen in the most recent quarter which ended in December last year. The company has now raised its annual profit forecast by 7.9 percent to 205 billion yen.

Company’s operating profits rose 5 percent to 135.8 billion yen. The sales touched 2.44 trillion yen.

Matsushita Chief Financial Officer Tetsuya Kawakami added in a statement that they have now ruled out buying Royal Philips Electronics NV’s stake in LG.Philips LCD Co.