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Panasonic quarterly profit jumps 24 percent

Tue, 02/01/2011 - 9:05pm
The Associated Press

Panasonic is reporting a 24 percent rise in October-December profit, driven by strong sales of flat-panel TVs, auto components and solar panels that offset damage from a strong yen.

Panasonic Corp. said Wednesday it posted 39.98 billion yen ($490 million) in profit for the fiscal third quarter, up from 32.26 billion yen the year before.

The solid results came despite the damage from a strong yen, severe price drops in gadgets and soaring material costs.

Quarterly sales for the Japanese electronics maker climbed 21 percent to 2.285 trillion yen ($28 billion).

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