Panasonic Corp. said Wednesday its group operating profit fell 43.6 percent from a year earlier in the April to June quarter to ¥56.39 billion ($519 million), hit by weak sales of industrial components in China.
Net profit fell 13.2 percent to ¥49.78 billion in the first quarter of the business year ending March 2020 on sales of ¥1.89 trillion, down 5.9 percent, as the prolonged trade friction between China and the United States hurt its business in China, the Japanese electronics maker said.
Panasonic maintained its full-year earnings forecast, which factors in the negative impact of the trade dispute between the world's two biggest economies on its sales in China.