Matsushita Reports 10 Percent Profit

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July 27, 2007* – Consumer electronics manufacturer Matsushita Electric Industrial Co, parent company of Panasonic, this week reported a 10 percent rise in net profit during the first fiscal quarter. According to Matsushita’s consolidated financial results for the three-month period ending June 30, net income rose from 35.8 billion yen (equivalent to $301 million USD) to 39.3 billion yen ($330 million), year over year. In this first quarter, groups sales also increased by 5 percent from this time last year, from a reported 2.13 trillion yen ($17.97 billion) to 2.23 trillion yen ($18.8 billion). The company reported strong performance in every product category except sales in the JVC division, which provides video, computer, audio, and mobile electronics.  As with most manufacturers, the company reported it was affected by the rising price of raw materials and crude oil, coupled with the intensified price competition in digital products, according to a July 25th company press release. Matsushita plans to continue to improve sales in the U.S. and European markets and further develop sales in Russia, Brazil, and India.  "Matsushita is striving to transform itself into a manufacturing-oriented company – one that combines all the business activities of the Group toward the launch of products, thereby contributing to the creation of customer value," stated the release.  "Matsushita is promoting wider collaboration across business files and operating regions in order to reinforce product design and quality, procurement, logistics, overseas sales and other areas of its operations."