Panasonic Corp. on May 10 reported jumps in profit and revenue for full-year fiscal 2018 ended March 31, which it attributed to growth in its automotive- and industrial-related businesses.
The Japanese consumer electronics company said attributable net profit for the fiscal year came in at ¥236.0 billion, up 58% from ¥149.4 billion in fiscal 2017 and above the S&P Capital IQ consensus estimate of ¥209.1 billion.
Basic EPS stood at ¥101.20, up from ¥64.33 in the prior fiscal year and beating the S&P Capital IQ consensus estimate of ¥89.35. The company did not provide figures for the fiscal fourth quarter.
Panasonic noted that ¥72.3 billion of extraordinary loss was recorded to the parent alone for the provision of allowance for certain subsidiaries and associates. The loss was eliminated and not recognized for the group on a consolidated basis.
The company also recorded full-year net sales of ¥7.982 trillion, a 9% year-over-year increase from ¥7.344 trillion. Net sales grew 16% to ¥4.258 trillion from ¥3.685 trillion for overseas markets, which Panasonic said was helped by the automotive segment that includes infotainment systems and car-related equipment.
Meanwhile, net sales inched up 2% to ¥3.724 trillion from ¥3.659 trillion in the Japanese market.
For fiscal 2019, Panasonic forecast attributable net profit of ¥250.0 billion and sales of ¥8.30 trillion.
As of May 9, US$1 was equivalent to ¥109.74.
