Panasonic has reported a $1.05 Billion dollar profit selling flat panel plasma TV’s and Lumix camera’s which is a significantly better result that arch rival Sony.
Panasonic, who vie with Sony for the title of world’s largest consumer electronics company, plans to roll out the 3D DVD version of the $2.8 Billion dollar movie Avatar running into Xmas as an incentive for consumer in Australia to buy their plasma TV range which are still credited with being the best flat panel TV’s in the world today.
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The Company is also investing in environmental technology, following its buy-out of subsidiary Sanyo the world’s largest maker of rechargeable batteries.
Panasonic who on Friday reported double-digit sales gains and an increase in net profit saw sales increase 27 percent to 2,206.8 billion yen, from last year’s 1,737.8 billion yen.
Overseas sales increased to 1,071.7 billion yen, up 31 percent from the prior year’s 820.5 billion yen.
In its Digital AVC Networks segment sales increased 3 percent to 1,657.8 billion yen, from 1,604.1 billion yen. Despite a decline in sales of mobile phones and digital cameras, this result was due mainly to favorable sales of flat-panel TVs, automotive electronics and Blu-ray Disc recorders, Panasonic said.
In its home appliances segment sales increased 7 percent to 636.7 billion yen, compared with 594.9 billion yen, due mainly to favorable sales of air conditioners and compressors. Operating profit increased 84 percent to 49.1 billion yen from 26.7 billion yen, due mainly to strong sales.
And for Sanyo the sales in this segment totaled 829.7 billion yen. Sales of solar cells and car-related equipment such as car navigation systems were strong because of economic stimulus programs in several countries, as well as favorable sales of electronic components by continuing increase in demand for PCs the Company said.