TOKYO (dpa-AFX) - Japanese electronics maker Panasonic Corp. (PCRFY.PK, PCRFF.PK) reported Thursday that its nine-month net profit attributable to stockholders decreased 83 percent to 162.9 billion yen from 195.6 billion yen a year ago.
Operating profit slid by 85 percent to 234.2 billion yen, mainly due to the impact of price hikes in raw materials and increased fixed costs
However, consolidated group sales for nine months surged 115 percent to 6.22 trillion yen from last year's 5.42 trillion yen, reflecting higher sales of A2W (Air to Water, hot water heat pump system), automotive batteries, and automotive systems & components.
Looking ahead for fiscal 2023, the company said it is revising down its guidance due to changes in the business environment, including deteriorating conditions of Chinese market for ICT- and FA-related industry. The company now expects attributable net profit of 210 billion yen and operating profit of 280 billion yen. However, net sales guidance continues to remain at 8.20 trillion yen for 2023.
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