Panasonic's FY 2019 Operating Profit Down 28.6 Pct
Osaka, May 18 (Jiji Press)--Major Japanese electronics maker Panasonic Corp. <6752> said Monday that its consolidated operating profit in fiscal 2019, which ended in March, dropped 28.6 pct from the previous year to 293,751 million yen, due chiefly to impacts of the novel coronavirus pandemic.
Sales of home appliances slumped amid pandemic-related restrictions across the globe on outings, while production of business-use personal computers was disrupted as parts procurement from China, the suspected epicenter of the coronavirus, became difficult.
Panasonic's consolidated sales fell 6.4 pct to 7,490,601 million yen, and its net profit tumbled 20.6 pct to 225,707 million yen.
The company's performance was also battered by a drop in electronic parts shipments to China reflecting prolonged U.S.-China trade friction.
Panasonic stopped short of providing earnings estimates for fiscal 2020 because of uncertainty amid the virus crisis.
[Copyright The Jiji Press, Ltd.]