Thursday, February 20, 2003
Matsushita Electric posted a third quarter profit of 20.9 billion yen ($176 million) compared to a loss a year ago citing strong sales of DVD recorders and plasma display TV sets.
Sales for the October-December period totaled 1.87 trillion yen ($15.7 billion), up 8 percent from 1.74 trillion yen a year ago, the company said.
The numbers underline Matsushita's revival efforts following a 431 billion yen loss in the fiscal year ended in March 2002. It was the worst results since the company was founded 80 years ago as sales dropped in almost all divisions.
But Matsushita remained cautious, lowering its profit forecast for the fiscal year ending next month to take into account declines in the value of stocks the company owns as the Tokyo stock market continue its decline.
By: DocMemory
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