{"id":42756,"date":"2023-07-31T18:36:52","date_gmt":"2023-07-31T22:36:52","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/panasonic-q1-profit-jumps-keeps-full-year-forecast\/"},"modified":"2023-07-31T18:36:54","modified_gmt":"2023-07-31T22:36:54","slug":"panasonic-q1-profit-jumps-keeps-full-year-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42756","title":{"rendered":"Panasonic Q1 profit jumps, keeps full-year forecast"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO-Visitors look at Panasonic Corp’s luxury brand home appliances called J concept at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2015 in Makuhari, Japan, October 6, 2015. REUTERS\/Yuya Shino\/File Photo<\/span>
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TOKYO (Reuters) – Japan’s Panasonic (OTC:) Holdings posted a 42% rise in first quarter operating profit on Monday, buoyed by a weaker yen and stronger sales in its automotive and energy segments, while it stuck to its full-year outlook.<\/p>\n

Panasonic, whose energy unit makes batteries for Tesla (NASDAQ:) Inc, said operating profit came to 90.37 billion yen ($637 million) in the three months to end-June, almost exactly in line with analyst forecasts.<\/p>\n

Its battery unit, Panasonic Energy, and Subaru (OTC:) said they had started talks to establish a battery supply partnership for electric vehicles that would supply the Japanese automaker with cylindrical lithium-ion batteries.<\/p>\n

The unit was likely to receive 20.8 billion yen in adjusted operating profit from U.S. Inflation Reduction Act tax credits in the first quarter, Panasonic said in presentation materials.<\/p>\n

Overall, first-quarter operating profit of the battery unit came to 29.5 billion yen on a non-adjusted basis, jumping more than 80% from the same period the previous year and helping to offset a less rosy performance in the firm’s industry segment.<\/p>\n

Operating profit of the industry arm that focuses on making electronics components and materials fell by 86.8% to 3.5 billion yen, largely due to tough conditions in China.<\/p>\n

Panasonic said it saw no sign of a full-fledged recovery in the factory automation sector in China, and that it would take more time for areas such as servers, data centres and ICT to recover overall.<\/p>\n

The industry business faces growing competition in the world’s biggest auto market, China, not just from the rapid shift to electric vehicles, but also from an inventory build-up of locally-made gasoline cars, Group CFO Hirokazu Umeda told a briefing.<\/p>\n

“The outlook is still difficult and hard to predict,” Umeda said about the industry unit’s prospects.<\/p>\n

Panasonic, whose products span consumer electronics and delivery robots to sensing cameras and self-checkout systems, maintained its full-year operating profit forecast at 430 billion yen.<\/p>\n

($1 = 141.9500 yen) <\/p>\n

(This story has been corrected to fix IRA tax credits to billons of yen, not millions, in paragraph 4) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO-Visitors look at Panasonic Corp’s luxury brand home appliances called J concept at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2015 in Makuhari, Japan, October 6, 2015. REUTERS\/Yuya Shino\/File Photo TOKYO (Reuters) – Japan’s Panasonic (OTC:) Holdings posted a 42% rise in first quarter operating profit on Monday, buoyed by a weaker […]<\/p>\n","protected":false},"author":1,"featured_media":2403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-42756","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nPanasonic Q1 profit jumps, keeps full-year forecast | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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