Panasonic said Thursday its net profit fell 9.6 percent in the fiscal year that ended in March, as its solar energy business struggled and a stronger yen pushed down overseas earnings.
The electronics maker said its group net profit fell to ¥149.36 billion ($1.3 billion) from ¥165.21 billion in the previous year as demand for solar panels and storage battery units lagged in Japan.
A stronger yen dents income earned overseas when repatriated and undermines the price competitiveness of Japanese-made products abroad. A U.S. dollar bought ¥108 on average, compared with ¥120 the previous fiscal year.