Panasonic First-half Profit Sags On Higher Costs
Mohammad Ali (@ChaudhryMAli88) Published October 31, 2018 | 03:15 PM
Japanese electronics giant Panasonic said Wednesday first-half net profit slipped on higher costs linked to a factory it runs with US electric carmaker Tesla, though sales rose thanks to growth in automotive products and industrial systems.
Tokyo, (UrduPoint / Pakistan Point News - 31st Oct, 2018 ) :Japanese electronics giant Panasonic said Wednesday first-half net profit slipped on higher costs linked to a factory it runs with US electric carmaker Tesla, though sales rose thanks to growth in automotive products and industrial systems.
Net profit fell 4.5 percent on-year to 113.6 billion Yen ($1 billion) in the six months to September at the Osaka-based company, which supplies battery cells to Tesla.
Panasonic has partnered with the US innovator as well as local car makers as it explores ways to expand beyond its mainstay electronics operations.
The Japanese firm jointly produces lithium-ion batteries with Tesla at a "gigafactory" in the United States.
Car battery sales grew strongly but ramp-up expenses for the automotive battery plant increased, it said.
Operating profit edged down 0.7 percent to 195.2 billion yen while sales increased 3.9 percent to four trillion yen.
Fixed expenses increased and raw materials costs rose sharply, eating into profits, the company said.
Panasonic left unchanged its full-year forecast, which sees net profit climbing 5.9 percent to 250 billion yen with sales rising 4.0 percent to 8.3 trillion yen.
A week ago, Tesla reported a "historic" profitable quarter driven by demand for its Model 3 aimed at the mass market.
Recent Stories
WASA launches comprehensive campaign to test quality of water
Food Authority team conducts operation in Jackson market harbor area
KCP Captain Shahzaib Rind calls on Balochistan CM
PNCA to organize folk, classical & Sufi dance performances on Int'l Dance Day
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatis ..
Germany nudges up growth forecast, ailing economy at 'turning point'
USC to hold ‘E-Kachehry' on April 25 (tomorrow)
Punjab Primary and Secondary Healthcare Department Minister Khawaja Imran Nazir ..
Kewell's Yokohama beat Ulsan to reach Asian Champions League final
DC directs to implement fixed prices of Naan,Tandoori Roti
Revised UAF budget recommended
Hajj permits start for domestic pilgrims in Saudi Arabia
More Stories From Business
-
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
15 minutes ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
14 minutes ago -
Revised UAF budget recommended
15 minutes ago -
IDEA, TEVTA organizes Job Fair for youth
14 minutes ago -
Massive financial, administrative scam unearthed at SCCI
43 minutes ago -
FCCI welcomes Iranian president's visit
43 minutes ago
-
Germany nudges up growth forecast, ailing economy at 'turning point'
1 hour ago -
Jam Kamal leads efforts to enhance IT Capacity for trade monitoring
3 hours ago -
SECP pushes adoption of IFRS 17 by Insurance sector
4 hours ago -
PSX turns bullish, gains 692 more points
4 hours ago -
RTO Peshawar makes historic seizure of illegal cigarettes worth Rs 162.6 mln
4 hours ago -
LCCI for deferment of SROs hurting businesses
4 hours ago