Osaka-based Panasonic said on Tuesday operating
profit slipped 2.8 percent in its fiscal third quarter ended
December to 113.3 billion yen ($967 million) from 116.6 billion
yen a year earlier. Analysts polled by Thomson Reuters had
estimated on average a bigger fall, to 109.7 billion yen.
Squeezed into multi-billion dollar losses in 2012 and 2013 by
stiff competition from aggressive, cheaper Asian rivals,
Panasonic has restructured itself by shifting its focus to
high-tech parts for cars and energy-efficient homes, and away
from smartphones and TVs.
It reiterated its full-year operating profit forecast of 350
billion yen, raised from 310 billion yen on Oct. 31 last year.
In the previous fiscal year, operating profit was 305.1 billion
yen.
($1 = 117.1500 yen)
(Reporting by Ritsuko Ando; Editing by Kenneth Maxwell)
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