Matsushita Electric Industrial Co. said Thursday that it expects to raise annual group sales to about 9 trillion yen in fiscal 2003, up about 20 percent from the current level.

Unveiling a three-year business plan that covers fiscal 2001 through 2003, President Kunio Nakamura also said the electronics giant will work to bring its operating profit ratio up to 5 percent of consolidated sales in fiscal 2003, which ends in March 2004.

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