Matsushita Electric Industrial Co. said Thursday its net profit for the April-June quarter soared 12-fold to 32.82 billion yen on strong sales of plasma display-panel TVs and cost-cutting efforts.
Revenue grew 19 percent to 2.1 trillion yen, including 350.5 billion yen from Matsushita Electric Works Ltd., a lighting and housing equipment company that was fully consolidated into the firm's earnings from the reporting period.
During the three-month period, the Osaka-based company, which markets under the Panasonic name, saw continued strength in sales of its PDP TVs and DVD recorders. Sales of PDP TVs jumped 2.2-fold to 45.3 billion yen.