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Panasonic Net Income Doubles in Q2

Panasonic Net Income Doubles in Q2, Matsushita

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October 27, 2006 – Matsushita Electric Industrial Co. Ltd., maker of Panasonic brand electronics, reported today the manufacturer’s net income jumped 156 percent in their consolidated second quarterly results, more than doubling year-over-year.

In this three-month quarter ending in September, Matsushita reported net income at 79.3 billion yen ($672 million USD), significantly higher than last year’s 31 billion yen ($263 million), according to a Matsushita financial report released today.

Major contributors to the income spike were favorable sales in flat-panel televisions and the Lumix digital cameras. Matsushita is the number one plasma TV manufacturer in the industry beating out Samsung Electronics in second place, according to a Reuters article today. This year, the Osaka, Japan-based company launched the world’s largest plasma TV with a 103-inch panel.

This quarter, Matsushita also launched the Panasonic DMC-Lumix FX50, FX07, FX3, and the LX2 digital cameras. The first half of the fiscal year proved strong with an 8 percent rise in the Panasonic audio-visual product sales.

Net sales in the second quarter totaled 2.25 trillion yen ($19.1 billion), up from 2.21 trillion yen ($18.8 billion) in the second quarter last year.

"Negative factors such as intensified global price competition and intensified raw materials prices were more than offset by comprehensive cost reduction efforts," stated the Matsushita release.

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Because of uncertain economy with high raw materials prices and high competition, Matsushita maintains its predictions for the 2006 fiscal year, ending in March.

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