TOKYO (dpa-AFX) - Japanese consumer electronics giant Panasonic Corp. (PCRFY.PK, PCRFF.PK) reported Friday that its second-quarter net income attributable to the company decreased to 43 billion Japanese yen from last year's 61.5 billion yen, mainly due to the absence of prior year's one-time capital gains.
Group sales for the quarter declined 1 percent to 1.87 trillion yen from last year's 1.88 trillion yen. The drop mainly reflected lower sales in challenging businesses such as TVs, and sluggish demand in Japan after the consumption tax hike.
Domestic sales fell 3 percent, while overseas sales increased 2 percent.
Looking ahead, the company lifted its fiscal 2015 forecast reflecting profit increase from favorable sales in solar business in Eco solutions.
The company now expects attributable net income of 175 billion yen and operating profit of 350 billion yen,. These are higher than previously expected 140 billion yen and 310 billion yen, respectively.
Sales forecast of 7.75 trillion yen remains unchanged.
Panasonic also announced that it will absorb Panasonic Appliances Motor Expert Co., Ltd.
Copyright RTT News/dpa-AFX