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Panasonic profits undiminished despite credit crunch, eyes Russia for growth

April 29th, 2008 · No Comments

Panasonic continues to look strong despite the gloomy global economic climate. According to its latest financial statement, company profits jumped 30 per cent over the last fiscal year, to 281.88 billion yen from 217.19 billion yen, even though sales were down slightly (9.069 trillion yen from 9.108 trillion), a consequence of its separation from errant child JVC (Victor Company of Japan).
Quarterly sales are up 160 per cent, 61.6 billion yen from 23.4 billion yen YOY.
Plasma and LCD TV sales continue to be a huge driver for the company. Panasonic’s AVC network division reported annual sales up 6 per cent. According to a statement made to Japanese media by Matsushita President Fumio Otsubo, the company intends to focus on emerging markets. He named Russia, Brazil and Vietnam as areas of potentially huge growth.

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