Matsushita Electric, parent of Panasonic, has posted strong revenues in its first quarter financial results, with plasma and digital camera divisions performing particularly well. Explaining the figures, the company cited substantial sales gains in its audio visual products; domestic Japanese sales amounted to 1,061.9 billion yen, with overseas sales up 9 percent, to 1,075.0 billion yen.
Much of the good news came from booming flatscreen and LCD TV sales in Europe. The Corporation’s AVC Networks division posted an increase in revenue of 4 percent to 877.8 billion yen. The company said that it “expects a severe environment to persist in the second quarter of fiscal 2007 with continuing price declines caused by ever-intensified price competitions and increases in crude oil and other raw materials prices.”
However, Matsushita revised upwards its forecast for the next quarter, as soaring sales lifted confidence in flatscreens and digital cameras.