TOKYO
Japan’s Panasonic said on Thursday that annual net profit and revenue slumped because of slowing demand for household solar energy products and the impact of a stronger yen, but predicted a rebound this year. Net profit fell nearly 10 per cent to 149.36 billion yen ($1.3 billion; Dh4.7 million) on 7.34 trillion yen in revenue, which was off 3.7 per cent, in the just-ended fiscal year to March, Panasonic said.
Operating profit, however, jumped 20 per cent, mostly due to cost savings from an ongoing restructuring, the firm said. Its latest numbers were also better than its forecasts last year when the Brexit vote in June sent the yen soaring, which eats into the profits of Japanese firms doing business abroad.
