Matsushita Announces Earnings Rally at News Conference in Japan

by News Editor
Published on Apr 28, 2003 12:00 AM



The Matsusita Electric Industrial Co. Ltd. has announced their earnings for the past financial year. According to an announcement from President Kunio Nakamura at a press conference in Japan.

''...Gross sales of 7 trillion yen...increased) 4,017 hundred million yen of preceding year ratio...(this) recovers the operating profit," Nakamura said.

Concerns about SARS, employment insecurity and the lackluster American economy are of continuing concern to the Panasonic brand, he noted.

DVD-related products accounted for nearly 50% of Panasonic's worldwide earnings. Panasonic's increasingly popular DVD recorder line has also been a factor in overall earnings performance.

Meanwhile, sales from the JVC unit accounted for a 7 percent increase at Victor Company of Japan (JVC) in the fiscal year ended March 31. Although DVD, not camcorder sales, were a significant component in the earnings for the JVC unit, there are plans to further develop a full digital video camera lineup strategy with multi-function, high-resolution models; compact, lightweight models; and high cost-performance models.

The JVC unit only slightly outperformed Panasonic in worldwide camcorder sales, according to the earnings statement.