Panasonic First-half Profits Down As China Business Slows

Japanese electronics giant Panasonic said on Thursday its half-year profits fell as sales sagged in China despite growth in its automotive batteries business

Tokyo, (UrduPoint / Pakistan Point News - 31st Oct, 2019 ) :Japanese electronics giant Panasonic said on Thursday its half-year profits fell as sales sagged in China despite growth in its automotive batteries business.

The firm reported net profit decreased by 11.2 percent year-on-year to 100.9 billion Yen ($929 million) in the six months to September.

Operating profit tumbled 28.1 percent to 140.3 billion yen on a 4.1 percent drop in overseas sales to 3.8 trillion yen.

The firm cited a variety of reasons for the drop in operating profit, including lower sales in China and sluggish overseas television sales.

It also noted increased costs related to development expenses for automotive solutions in Europe and the impact of gains from land sold the previous year.

Japanese electronics companies have taken a hit from weakening demand for capital investments in China as the world's second largest economy has been mired in a trade war with the United States.