Japan's Matsushita suffers 22 percent slump in profits in June quarter

TOKYO (AFP) Jul 30, 2003
Japan's Matsushita said Wednesday its net profit in the June quarter plunged 22.2 percent from a year ago to 2.7 billion yenmillion dollars) as sales slumped amid greater competition.

At the same time its pre-tax profit jumped 45.6 percent in the quarter to 25.2 billion yen on strong demand for flat screen televisions, DVD recorders and other digital audio and visual devices.

The firm, better known through its Panasonic and National brands, said its revenue sank 1.7 percent to 1.76 trillion yen.

"Despite the fall of sales and increasing global competition, the promotion of certain products and improved cost efficiency enabled us to post an operating profit," Matsushita Electric Industrial Co. Ltd. said in a statement.

The firm left its earnings forecast for the full year to March 2004 unchanged from an April prediction. It expects a net profit of 30 billion yen, a pre-tax profit of 120 billion yen and revenue of 7.45 trillion yen.

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