Panasonic global sales have fallen 11% in the last quarter due in part to the impact of the Japanese earthquake.The Company also reported a $36M loss compared to a profit for the same period last year.In its digital AVC networks segment, sales decreased by 21 percent to 660.6 billion yen, from 831.7 billion yen a year ago.
Despite favorable sales of Blu-ray Disc recorders, this result was due mainly to sales declines in flat-panel TVs, automotive electronics and mobile phones. Segment loss amounted to 16 billion yen, compared with segment profit of 27.9 billion yen a year ago due mainly to the sales decrease and the appreciation of the yen.
In its home appliances segment, sales increased by 6 percent to 342.9 billion yen, compared with 322.8 billion yen a year ago due mainly to favorable sales in air conditioners as well as stable sales in washing machines and microwave ovens.
Panasonic reported that segment profit increased by 4 percent to 33.6 billion yen, compared with 32.3 billion yen a year ago due mainly to sales increase and streamlining efforts.
As for Sanyo, sales decreased by 22 percent to 324.0 billion yen, compared with 413.0 billion yen a year ago. Although sales of cold-chain equipment, commercial air conditioners and solar photovoltaic systems were stable, sales of devices, digital cameras and others were sluggish. Sales decline owing to the semiconductor business transfer in fiscal 2011 also led to the overall sales decrease. This resulted in segment loss of 14 billion yen, compared with segment profit of 5 billion yen a year ago after incurring the expenses such as amortization of intangible assets recorded at the acquisition.
Panasonic also reported that Sanyo has reached a tentative agreement with Haier Group to sell its consumer and commercial use washing machine business, consumer refrigerator business and its white goods sales divisions of four countries in Southeast Asia.
The deal should close by the end of March 2012 with both sides wanting to finalize the deal by the end of September 2011. The price of the deal was not disclosed.
