Panasonic raises net profit forecast by 25%

Panasonic Corp on Friday raised its net profit forecast by 25 per cent to 175 billion yen (1.57 billion dollars) for the current financial year thanks to a restructuring effort and robust sales in its solar power business.
Panasonic also raised its operating profit outlook to 350 billion yen for the year through March 2015, from an estimate of 310 billion yen three months ago. The company maintained its sales forecast at 7.75 trillion yen.
The Japanese consumer electronics maker also reported an operating profit of 94.7 billion yen in the July-to-September period, up 14.9 per cent from the same period last year.
The company also logged a net profit of 43 billion yen in the quarter, compared with a net profit of 61.5 billion yen a year earlier, while sales edged down 0.5 per cent to 1.87 trillion yen.