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Panasonic AV sales rise despite increased competition

October 31st, 2006 · No Comments

Matsushita Electric Industrial Co. Ltd., parent of Panasonic, has posted strong figures despite growing international competition, in its half-year financials.
Its consolidated group sales for the second quarter increased 2 percent to 2,252.6 billion yen, up from 2,211.0 billion yen year-on-year. Gains came from both its AV products as well as Home Appliances and Components and Devices divisions.
Domestic sales increased 1 percent to 1,118.2 billion yen, from 1,109.0 billion yen a year ago. Overseas sales increased 3 percent to 1,134.4 billion yen, from 1,102.0 billion yen a year ago.
The Corporation says that the business environment remains “severe due primarily to rising raw materials prices and continuous price declines mainly in digital AV products caused by intensified global competition.”
To counter this, the company says it aggressively launched and promoted a new
series of V-products with the aim of capturing market share.  
The strategy seems to have worked. Its operating profit  for the second quarter was up 14 percent, to 142.3 billion yen.  Pre-tax income totaled 157.1 billion yen.
Domestic sales in the first half year figures amounted to a largely static 2,180.1 billion yen, while overseas sales increased 6 percent to 2,209.4 billion yen, thanks to a sharp demand in Europe for TVs.
Matsushita AVC Networks sales increased 1 percent to 1,770.3 billion yen, from
1,747.4 billion yen in last year’s first half. Sales of AV equipment increased 8 percent from the previous year’s first half, due mainly to booming interest in  flatpanels and digital cameras.
However a collapse in its mobile phone business dragged overall figures down 3 percent.

Tags: Plasma · Trade

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