• Kyodo

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Panasonic Corp. said Monday it had returned to the black for the first time in three years with a net profit of ¥120.44 billion for the year ending March, assisted by the positive effects of its restructuring efforts as well as increased sales in its housing and automobile-related businesses.

The figure compares to a net loss of ¥754.25 billion the previous year. The electronics giant said its group operating profit increased 89.6 percent from a year earlier to ¥305.11 billion on consolidated sales of ¥7.74 trillion, up 5.9 percent.

Excluding the effects of the yen’s depreciation, however, sales were reported to have fallen 3 percent from a year earlier.

Panasonic said its housing-related business fared well due to increased sales stemming from last-minute demand before the April 1 sales tax hike, while its automobile-related sales also grew, backed by a global economic recovery.

Sales of its digital appliances including TVs fell, due partly to the termination of its plasma display TV business, it said.

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