Panasonic Corp. said Thursday its group net profit rose 7.7 percent in fiscal 2015 from the previous year to ¥193.26 billion ($1.78 billion), helped by its restructuring.
Operating profit increased 8.8 percent to ¥415.71 billion in the year through last month on sales of ¥7.55 trillion, down 2.1 percent, the Japanese electronics maker said.
For the current fiscal year through March 2017, Panasonic expects group net profit of ¥145 billion and operating profit of ¥310 billion on sales of ¥7.6 trillion.
The Osaka-based company said it was unable to expand its sales amid a deteriorating business environment, such as a slowdown of the Chinese economy, but it secured the profit increase from a year before due mainly to fixed cost reductions.
But it said its domestic white goods sales and overseas business-to-business solutions operations fared well.
Last month, the electronics maker dropped its goal of achieving ¥10 trillion in sales in fiscal 2018 as it struggles to build momentum for sustainable growth after restructuring.
The company maintains its plan to invest in growth areas, including high-end home appliances destined for Asia, while keeping ¥1 trillion for strategic investment mainly for mergers and acquisitions.
Panasonic President Kazuhiro Tsuga said the manufacturer would put emphasis on investment in housing renovation for the homes of its elderly customers.
In the wake of earthquakes hitting Kyushu since April 14, Panasonic temporarily suspended operations at an electronic parts plant in the town of Nagomi, Kumamoto Prefecture.
Tsuga said the suspension did not disrupt its supply chain due to the factories having enough stock, but he "can't for now explain its impact" on the company's earnings.