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Panasonic fiscal Q3 profit falls YOY

Panasonic Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to ¥22.43 per share, a decline of 44.7% from ¥40.59 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥51.86 billion, a decline of 44.7% from ¥93.84 billion in the year-earlier period.

The normalized profit margin declined to 2.7% from 4.8% in the year-earlier period.

Total revenue increased year over year to ¥1.996 trillion from ¥1.973 trillion, and total operating expenses climbed on an annual basis to ¥1.883 trillion from ¥1.857 trillion.

Reported net income declined 19.3% from the prior-year period to ¥59.48 billion, or ¥25.73 per share, from ¥73.68 billion, or ¥31.87 per share.

As of Feb. 12, US$1 was equivalent to ¥118.90.