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

Consolidated Third-quarter Results Consolidated group sales for the third quarter increased by 10% to 1,973.5 billion yen compared with 1,801.5 billion yen for the third quarter of the year ended March 31, 2013 (fiscal 2013). Yen depreciation contributed to sales increase. Sales of automotive related business increased with global market recovery, and sales of housing related business also increased with stable demand of new housing construction in Japan.

Meantime, sales of digital consumer products decreased while focusing on profitability rather than sales volume. Of the consolidated group total, domestic sales increased by 6% to 970.3 billion yen from 917.2 billion yen a year ago. Overseas sales increased by 13% to 1,003.2 billion yen from 884.3 billion yen a year ago.

Consolidated group sales for nine months ended December 31, 2013 increased by 4% to 5,679.8 billion yen, compared with 5,439.7 billion yen in the same period of fiscal 2013. Domestic sales amounted to 2,757.6 billion yen, down by 1% from 2,795.4 billion yen a year ago, while overseas sales increased by 11% to 2,922.2 billion yen, from 2,644.3 billion yen a year ago.

The company's operating profit for the nine months increased by 116% to 263.2 billion yen, from 122.0 billion yen a year ago. In other income (deductions), a one-off gain of 79.8 billion yen from the pension scheme change was recorded in the first quarter ended June 30, 2013, and the business restructuring expenses related to printed circuit board business of 21.7 billion yen were incurred in the third quarter ended December 31, 2013. Accordingly, pre-tax income and net income attributable to Panasonic Corporation improved significantly to 307.0 billion yen from a loss of 269.4 billion yen, and to 243.0 billion yen from a loss of 623.8 billion yen, respectively.