Panasonic parent Matsushita has announced a massive jump in profits as part of its latest quarterly financial statement. Thanks to strong sales of AV gear and home appliances profits climbed 46 per cent. Net income rose to 115.2 billion yen from 78.7 billion yen YOY. Overall sales saw a 4 per cent drop, but this was attributable to Matsushita excluding sales from JVC, which has moved from subsidiary to affiliate status. The company’s Viera and Lumix divisions saw sales rise 10 per cent. Matsushita says that it has finally ended a long-standing spat with Samsung over semiconductor patents. As part of an undisclosed settlement, the two have agreed to a patent cross licensing agreement.