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Samsung Electronics, also the world's largest manufacturer of computer memory chips, had a record year for earnings and sales, reporting a quarterly net profit rise of 13 percent 3.42 trillion won ($3.1 billion) amid strong demand for semiconductors and smartphones. Tokyo-based Sony reports earnings Thursday. Panasonic said sales were strong in Blu-ray disc recorders, air conditioners, refrigerators and electronic components. Also helping its bottom line were cost cuts and streamlining efforts, it said. Panasonic stuck to its forecast for net profit of 85 billion yen ($1 billion) for the year through March 2011
-- a reversal from red ink the previous year. It forecast sales of 8.9 trillion yen ($109 billion), up 20 percent. The results show that Panasonic has been relatively resilient in riding out the risks of a strong yen, which erodes the value of overseas earnings for Japanese exporters. The dollar has sunk to about 82 yen lately from 89 yen the previous year. For the first nine months of the fiscal year, Panasonic recorded a 114.7 billion yen ($1.4 billion) profit, up from a loss of 14.6 billion yen. April-December sales gained 27 percent to 6.653 trillion yen ($81.6 billion). Panasonic shares edged up nearly 0.1 percent to 1,126 yen ($13.8) on the Tokyo Stock Exchange, shortly before earnings results were announced.
[Associated
Press;
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