Panasonic returns to profit after three years due to weaker yen

 
Oliver Smith
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JAPANESE electronics giant Panasonic reported its first full year profit in three years yesterday, with sales boosted by the weaker yen.

The maker of Lumix cameras posted profits of 120.4bn yen (£710m) for the year to March, up from the 754.3bn yen loss the previous year.

Panasonic has been withdrawing from loss-making operations such as plasma TV production, which it quit this year, and consumer smartphones as it deals with the growing threat from the likes of Samsung and Apple.

The weaker yen has also helped Panasonic by boosting the value of its overseas earnings.

Panasonic’s former mainstay and best-known consumer products such as TVs, DVD players and audio systems accounted for just seven per cent of operating profit last year, whereas its eco solutions division, which makes energy-saving light fixtures and household fittings, contributed 31 per cent.

For the financial year to March 2015 Panasonic is projecting a profit of 140bn yen.