Panasonic nearly doubles income to P163 M

MANILA, Philippines - Stronger sales of home appliances boosted the net income of Panasonic Manufacturing Philippines Corp. in its fiscal year that ended last March.

In a regulatory filing, Panasonic said full year profits almost doubled to P163.42 million from P84.62 million in the same period last year.

Gross revenues picked up almost three percent to P6.72 billion from P6.54 billion on the back of higher retail sales of home appliance products such as refrigerators, freezers, air-conditioners and washing machines especially during the summer season, Panasonic said.

In contrast, gross expenses rose at a slower 2.2 7 percent to pace P6.52 billion from P6.37 billion a year ago.

Panasonic said cost of goods rose due to higher cost of imported materials due amid the depreciation of the peso versus the dollar. Costs also climbed due to the company’s project innovation, which include the renovation of a factory.

Panasonic is a Japanese manufacturer, importer and distributor of electronic, electrical, mechanical, electro-mechanical appliances, and other types of machinery.

The local Panasonic unit, which was originally set up as Festival Manufacturing Corp. in 1963, secures bulk of its sales from the domestic market while the remaining is taken up by exports in countries like Hong Kong, Singapore, Bangladesh and Cambodia.

The group’s business segments and products are divided into global consumer marketings that includes audio, video, home appliances; system network company that includes communication and security equipment; ecology sector that lists environment friendly products; and other products composed of industrial cooling systems.