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

Consolidated Second-quarter Results Consolidated group sales for the second quarter increased by 3% to 1,881.8 billion yen compared with 1,823.7 billion yen for the second quarter of the year ended March 31, 2013 (fiscal 2013). Sales of digital consumer products including flat-panel TVs decreased with its severe global competition and weak demand. Focusing on profitability rather than sales volume was another factor for lower sales. Meantime, sales of automotive related business increased with global market recovery, and sales of housing business in Japan was stable. Yen depreciation also contributed to overall sales increase. Of the consolidated group total, domestic sales amounted to 922.4 billion yen, down by 4% from 956.1 billion yen a year ago. Overseas sales increased by 11% to 959.4 billion yen from 867.6 billion yen a year ago.

Consolidated group sales for six months ended September 30, 2013 increased by 2% to 3,706.3 billion yen, compared with 3,638.2 billion yen in the same period of fiscal 2013. Domestic sales amounted to 1,787.3 billion yen, down by 5% from 1,878.2 billion yen a year ago, while overseas sales increased by 9% to 1,919.0 billion yen, up from 1,760.0 billion yen a year ago.

The company's operating profit for the first six months increased by 68% to 146.6 billion yen, from 87.4 billion yen a year ago. In other income (deductions), one-off gain of 79.8 billion yen from pension scheme change was incurred in the first quarter ended June 30, 2013. Accordingly, pre-tax income and net income attributable to Panasonic Corporation improved significantly to 207.4 billion yen from a loss of 278.7 billion yen, and to 169.3 billion yen from a loss of 685.2 billion yen, respectively.