TV firm Panasonic returns to profit

Panasonic has said that it returned to the black in the April-June quarter, logging a net profit of 12.8 billion yen (£104 million) mainly on cost-cutting.

The consumer electronics giant had a net loss of 30.4 billion yen (£247 million) in the same quarter a year earlier.

The Osaka-based maker of Viera TVs and Lumix digital cameras said it managed to earn money despite a 6% decline in fiscal first- quarter sales to 1.815 trillion yen (£14.7 billion) amid weak demand in its Japanese home market.

Panasonic kept its profit forecast for the full fiscal year to March 2013 unchanged at 50 billion yen (£406 million).

Courtesy: uk.msn.com