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Panasonic profit up 8.4-fold due to shakeup

Kyodo

Panasonic Corp. said Wednesday its group net profit for the April-June period increased 8.4-fold from a year earlier to ¥107.83 billion due mainly to positive effects of restructuring efforts and a one-off gain related to changes in its pension program.

The struggling electronics maker said its group operating profit rose 66.3 percent to ¥64.20 billion on sales of ¥1.82 trillion, up 0.6 percent.

For the full business year through March, Panasonic said it left unchanged its group net profit estimate at ¥50 billion, a turnaround from the previous year’s loss of ¥754.25 billion, and operating profit projection at ¥250 billion, up 55.3 percent from the previous year, on sales of ¥7.2 trillion, down 1.4 percent.

Toshiba in black

Toshiba Corp. said Wednesday it returned to the black in the April to June period with a group net profit of ¥5.3 billion, driven by a strong performance in the memory business.

The electronics maker had incurred a consolidated net loss of ¥12.11 billion in the same period last year.

In the first quarter of fiscal 2013, Toshiba’s operating profit more than doubled to ¥24.35 billion from ¥11.47 billion on sales of ¥1.39 trillion, up 9.6 percent.

Profit growth in the electronic devices division offset losses in the digital products and household appliance divisions, the company said.

Toshiba left unchanged its full-year net profit projection at ¥100 billion, up 29.3 percent from the previous year.