OREANDA-NEWS. Panasonic Corporation reported its consolidated financial results for the first quarter, ended June 30, 2013, of the current fiscal year ending March 31, 2014 (fiscal 2014).

Consolidated group sales for the first quarter increased by 1% to 1,824.5 billion yen compared with 1,814.5 billion yen for the first quarter of the year ended March 31, 2013 (fiscal 2013). This result was due mainly to positive impact of yen depreciation, and stable sales in housing and automotive businesses securing market recovery, despite decreased sales in digital consumer related products due to weak demand and the company’s strategy focusing on profit ability rather than on sales volume. Of the consolidated group total, domestic sales amounted to 864.9 billion yen, down by 6% from 922.1 billion yen a year ago. Overseas sales increased by 8% to 959.6 billion yen from 892.4 billion yen a year ago.

Operating profit increased to 64.2 billion yen from 38.6 billion yen a year ago, due mainly to fixed cost reduction including decrease in bonuses and positive impact of yen depreciation. Pre-tax income and net income attributable to Panasonic Corporation increased significantly to 122.6 billion yen from 37.8 billion yen, and to 107.8 billion yen from 12.8 billion yen, respectively, mainly on one-off gain of 79.8 billion yen from pension scheme change incurred as other income (deductions).