4th February, 2014
Two Japanese electronics giants, Panasonic and Sharp have reported rising profits in the nine months ending December last year.
Panasonic said it swung to a nine-month net profit of $2.4 billion thanks to the yen’s sharp decline and cost cutting as the Japanese electronics giant undergoes a painful restructuring.
The company’s 243.0 billion yen net profit between April and December reverses a net loss of 623.8 billion yen in the same period a year ago, while sales came in at 5.68 trillion yen, up 4.4 percent.
Japanese electronics maker Sharp said it also swung back to profit for the nine months to December, thanks to stronger sales and cost cutting.
The Osaka-based company booked a 17.7 billion yen ($175 million) net profit in the April-December period, reversing an eye-watering net loss of 424.3 billion yen a year earlier.